Everything you need to know about buying and selling NFTs in India via Ether
You can now buy NFT arts in India. WazirX, a cryptocurrency exchange, has launched a marketplace where you will be able to view listings of NFT arts by various artists. You can buy the one you like through the platform by paying through another cryptocurrency called Ether. The cryptocurrency exchange will charge a 5% fee […]
You can now buy NFT arts in India. WazirX, a cryptocurrency exchange, has launched a marketplace where you will be able to view listings of NFT arts by various artists. You can buy the one you like through the platform by paying through another cryptocurrency called Ether. The cryptocurrency exchange will charge a 5% fee to the seller on selling the NFT while there is no platform fee for buyers.
Nischal Shetty, founder of WazirX, said, “NFT marketplace will be a decentralised product. You will be able to view listings of NFT arts by various artists. The one you like, you can buy by transferring Ether. You will instantly receive that NFT token in your wallet.”
Day 886
The more useful products we build for Crypto in India, the better we showcase why #IndiaWantsCrypto
This is our next step towards making Crypto accessible to everyone in India.
Decentralised NFT marketplace by WazirX 🚀https://t.co/0YsWZjDZ8f
— Nischal (WazirX) ⚡️ (@NischalShetty) April 5, 2021
In the physical world, you can simply go and buy a painting, which you wish to hang on your wall. You pay the artist and you become the owner of the painting. Now, that is possible even in the digital world through NFT or non-fungible tokens. Through NFT every digital collectable is given a unique code making it one-of-a-kind work of art. In simple words, you can say that NFTs is a digital certificate, which establishes absolute ownership of digital artwork. It is a type of crypto asset in which an asset is made unique by giving them a unique code. This unique code is like the ownership certificate of the digital asset.
On what determines the prices, Shetty said: “NFT prices depend on the artist that is selling the NFT. Based on the popularity of the artist, the price will be higher. WazirX will charge a 5% fee to the seller on selling the NFT. No platform fees for buyers.
The question is when you and I can download any painting, why spend money to buy them. Well, art connoisseurs say you can have a copy of Mona Lisa but the real owner of the painting remains only one. Similarly, only Metakovan (the buyer of the art) will be the owner of the original artwork of Beeple as certified by the NFT. Recently on March 12 Beeple sold an NFT at the first of its kind auction at Christie’s. He sold his digital artwork called “Everydays: The First 5000 Days” for a huge sum of $69.3 million or Rs 501 crore.