Indian crypto exchange WazirX has closed its NFT market operations with immediate effect. Currently, the WazirX NFT site displays a message to that effect.
WazirX NFT update
“The WazirX NFT marketplace has been closed. You can still trade your NFTs on OpenSea”, the message read.
in a statement On his site, Wazir said that despite creating a “safe and secure” marketplace, the business “didn’t gain much traction.”
“NFTs are decentralized and owners have full control over their assets, which is why they have become so popular. Our users can be sure that they can continue to keep their NFTs in their wallets, and these can be sold on other marketplaces such as OpenSea,” the statement clarifies.
A report from Inc42 saying that WazirX NFT has 52,253 items for sale on OpenSea.
Without warning, pull the carpet…
The news was met with surprise on social media. Several posts on Twitter pointed to “Zero Notice,” with some calling it a rug pull. One Twitter user complained that NFTs hosted on this platform will now get nothing.
WazirX CEO Nischal Shetty responded to a tweet that called the WazirX NFT market close was a rug pull.
“Rug? NFTs have always been in the self-custody of the participants,” she said. saying.
Just one day before WazirX closed its marketplace, a collection of NFTs under the Friendsies brand announced a similar decision to “pause” trading, citing market volatility. The announcement sparked fears of a rug pull in the Friendsies community.
India NFT Market
The WazirX NFT marketplace launched in June 2021, followed by several other India-focused NFT platforms from other companies. Some were able to hire top movie stars to coin their NFTs, and the market seemed to be taking off with greater force. heights, with movie stars and cricketers in particular jumping on the NFT bandwagon. But a prolonged bear market and a hostile regulatory environment appear to have hit the crypto sub-sector hard.
Technology consultancy Deloitte in its Technology, Media and Telecom (TMT) Predictions for 2022, said that India’s sports and entertainment NFT market will grow to $1 billion in the near future, while global trade in Sports NFTs will cross $2 billion in 2022.
“With over 500 million cricket fans in India and Bollywood…, a movie and sports-only NFT market in India has the potential to exceed $1 billion in value in the near future,” the report said. from Deloitte.
Binance Free $100 (Exclusive) – Use this link to sign up to receive $100 free and 10% off your first month’s fees for Binance Futures (terms).
PrimeXBT Special Offer – Use this link to sign up and enter the code POTATO50 to receive up to $7,000 on your deposits.
