WazirX NFT marketplace Review: Best place for the Indians to trade NFTs?
WazirX’s recently launched, NFT platform is a digital collectibles marketplace facilitated by the popular, Indian crypto exchange . It is powered by the Binance Smart Chain (BSC). As it is a decentralized marketplace, it is set apart from the crypto exchange, to access the NFT marketplace, users are required to login through their wallets. Currently WazirX’s NFT portal only supports Metamask and Binance wallets. This portal was launched in June 2021.
Wazirx NFT now has about 150 collectors and 300 creators. The popular artists on the platform include Vimal Chandran, street artist Tyler, photographer Arjun Menon and more.
Reports state that the platform has received nearly 15,000 applications from creators across the globe.
What we are going to learn?
How does the WazirX NFT Marketplace work?
The WazirX NFT marketplace is run on the Binance Smart Chain and consists of four different sections:
- Creators, and
Under DROP, you can see the latest NFTs that are dropped by WazirX NFT artists.
Under the Discover section, the platform showcases about fifty selected artists, every day, this is to ensure that rising talent can be identified more easily, and the Spotlight section serves as a direct marketplace.
Anyone who has registered for WazirX’s wallet, can easily access the marketplace to buy or sell NFTs by using the WRX token (WazirX’s native utility token).
- Collectors can visit the platform’s Collectors section.
- Creators and artists can visit the platform’s Creators section.
The NFT marketplace hosts several emerging individual artists who are based out of India, and a vast range of the collectibles are centered around Indian cultural themes, Indian athletes and scenic videos from various parts of India.
Fees & Payments
When users execute a trade using WazirX’s NFT trading platform, the platform levies the user with a sales commission. WazirX charges a rate 5% on the total transaction in the form of sales commission. This includes the platform fees that is levied as well as the gas fees paid to miners for validating transactions. WazirX has opted for the BSC, instead of Ethereum due to the low gas fees that BSC charges ($1 USD). Users have claimed that during the resale of the digital collectible, the artist can add up to 15% to the original price.
For payment of the fees, users can solely pay through their wallets (Metamask and Binance Wallet) at the moment. Support for debit or credit cards has not yet been added.
How good is the art?
I find the NFTs to be top notch. The designs are very unique and colorful. Crypto Sauga, We Staking, RG, Arijit Das are some of the top NFT collectors on Wazirx NFT Platform.
Ankita, Ritvia, Nehha, Abhiskek Bhaskar are some of the top verified NFT creators.
How To Mint NFTs on Wazirx NFT ?
The process of minting NFTs on WazirX is extremely similar to other NFT marketplaces, the only difference is that users are required to use only WRX tokens for minting their NFTs. The marketplace was initially released in the the beta phase (in June 2021), this NFT marketplace allows users to upload images and videos that are sized up to a maximum of 100 MB.
- Users must connect their respective wallet to the marketplace, to get started on the NFT platform.
- Fill the required details and set the price for your work.
- Upload the artwork, after checking the details of the upload.
- Make sure that the payment of your gas fee to WazirX is successful, choose between the payment options supported by the Wazirx NFT marketplace.
Is WazirX a good marketplace to mint your NFT?
Since the platform is based on Binance Smart Chain, the minting fees are very less. One can easily mint, buy and sell any NFT for a cheaper price. While speaking to one of the WazirX NFT artist, he said, the platform is good, but there are not enough collectors. The collectors on WazirX are few, but yes, you can sell a piece for a higher price on WazirX.
WazirX NFT Marketplace Alternatives
Opensea is the best website for anyone to list their art. However, there is a lot of cost involved that you need to pay as gas fees, as most of the NFT sales happen over Ethereum network.
You can also use Kalamint, another NFT marketplace, built by the Indians. Kalamint runs on Tezos, and it gets a good number of sales every month. Compared to WazirX, you can find more buyers on Kalamint platform. Plus, you can also earn $KALAM tokens for buying or selling NFTs on Kalamint.
Introduction of NFTs through WazirX, a well known platform in India is a great way to support Indian artists by tokenizing their creative work. With the attractive gas fee structure, it will sure attract creators as well as collectors.