Famous Indian Crypto Exchange, WazirX, has unexpectedly shut down its NFT marketplace, shocking the community. The platform had been witnessing declining volume for months and had been abandoned by the core team, raising speculation about its future. Then, out of the blue, he shut down his NFT marketplace, with his website showing, “The WazirX NFT marketplace has been closed. You can still trade your NFTs on OpenSea.” Despite several inquiries, WazirX has remained silent on the shutdown.
WazirX launched its NFT marketplace in March 2021, which offers a variety of digital assets, including artwork, music, videos, and other collectibles. The platform initially gained traction, but interest waned over time and WazirX’s need for updates and promotions contributed to the platform’s downfall. The collapse of the cryptocurrency exchange began after it was investigated for failing to comply with foreign exchange regulations and guidelines to prevent money laundering.
The sudden closure of the market has disappointed several artists and creators who had listed their works on the platform. WazirX’s lack of communication, though, has raised concerns about the exchange’s engagement with its users. As a result, the community has expressed their disappointment and frustration on social media, urging the exchange to explain. The NFT market is still in its early stages in India, and the shutdown of a powerful platform like WazirX is a setback for the community.
WazirX NFT marketplace store closed. pic.twitter.com/Tbrn5E961Y
— Kashif Raza (@simplykashif) February 22, 2023
Causes of WarzirX NFT Market Closure
The shutdown is speculated to be due to WazirX’s focus on Shardeum, a new Layer 1 blockchain being developed by the exchange. Shardeum aims to offer scalability, security, and interoperability for decentralized applications (dApps), and the team has been promoting it heavily. Due to the team’s move to another project, the WarzirX market was basically neglected.
Although the shutdown of its NFT marketplace has only affected a small fraction of its user base, the ongoing ownership conflict with Binance may have a more substantial impact. As of now, it remains to be seen how this will affect WazirX’s future and services.
The ownership dispute between WazirX and Binance began in August 2020 when Binance acquired WazirX. Since then, there have been concerns about the level of control Binance has over WazirX operations. Binance’s recent termination of wallet services on WazirX added to these concerns and created uncertainty about the future of the platform. WazirX has made it clear that it is prepared to take action against what it considers to be false and misleading statements by Binance. As the situation continues to evolve, it remains to be seen how this ownership dispute will ultimately affect WazirX and its users.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type of investment.
NFT and Web3 Ambassador. Bullish on everything related to Blockchain.
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