Express news service
MUMBAI: WazirX, the largest cryptocurrency exchange in the country, both in number of users and in value of transactions, strives to set up separate platforms for fungible art trading and music, just days after the government announced it would create broad classifications and categories for cryptos. Nischal Shetty, Founder and CEO of WazirX, says “cryptocurrency is here to stay, now more than ever.”
He expects there to be no overarching law or regulation and that there will be separate frameworks for different parts of the ecosystem. Shetty adds that if for the past 2-3 years it has been crypto trading and the focus has been mostly on traders and investments, then in the last year non-fungible tokens or NFTs have shown. that they should not only be about investments, but also on a platform to trade alternative assets. “We see ourselves as a window to the crypto world,” he said.
With eight million users, WazirX has recorded transaction volumes of around $ 21 billion in the past nine months. In June, WazirX launched a marketplace for artists and designers. They have selected 150 artists for whom they will create an NFT exchange. The Art Forum went live on June 1 and in July added a category for music and electronic dance music performers. Vishakha Singh, vice president of WazirX NFT market, says that in the market people can buy and sell art or digital creations.
Banks, financial institutions, and valuable stores of value like gold and silver have taken centuries to gain confidence and credibility as a store of value, so what makes suppliers of crypto and currency exchanges think they can achieve the same thing in a matter of years or months? “The first hurdle would be to educate the masses, which is happening,” Singh said, adding that at present this is a starting point and cannot be compared to polite institutions. However, she maintains that the blockchain is transparent.
Crypto has been around for a decade now, and the way NFT exchanges are run could mean that a writer’s book cover or a first draft of a hit song by a singer can become tradable. How does trading on an NFT platform work? Singh explains that if a person sees the first edition of a Spiderman comic land on an exchange as a one-of-a-kind item with an NFT, they can purchase it through a wallet used to purchase the WazirX currency which in turn is used to buy the NFT. This NFT can then be used to trade, buy or sell other items in this ecosystem.