TL;DR Breakdown
• WazirX entered the NFT marketplaces in June and has had the best participation.
• NFTically, OpenSea and Wall are part of the competition in India’s NFT adoption.
NFT marketplaces are reestablishing in India at a good speed. India has shown a rise among platforms that offer NFT for purchase.
Since July, Twitter saw a slight increase in conversations in which NFTs were included as the main topic. Twitter announced these non-fungible token talks in India increased 43 percent from the second quarter of the year.
Non-fungible tokens are virtual currencies used to give ownership to a physical or digital product. These tokens are backed by Blockchain and can be compared to land contracts or land for sale.
India marks a milestone with its three NFT marketplaces since June
WazirX, India’s largest cryptocurrency platform, was the NFT marketplaces promoter in the country. The company created its NFT trade in early June; after that, the NFTically platform followed its footsteps in the market. But Wall App also announced that it would launch its NFT collection in these weeks.
According to Mint, a financial platform, local artists use the NFT marketplaces to break free from the economic rules in the country. Art enthusiasts try to change the image that makes them look lazy by giving value to their effort. With OpenSea, WazirX, or any cryptocurrency website that endorses NFT, artists can earn money with their digital masterpieces.
People who want to use non-fungible tokens in India have to participate in virtual galleries to profit. YouTube served as a refuge for artists who created videos, but this method has been unsuccessful for some users.
New structure in NFT’s plan for India
As WazirX enters the NFT marketplaces, the NFTically platform tries to create a new structure in the non-fungible token plan. NFTically wants to sell NFT and showcase its SAAS services to have the freedom to build their token.
This NFTically platform plan differs significantly from OpenSea’s, which tries to create a 100 percent autonomous model. Although it is necessary to pay for the SAAS service in NFTically, the user will not pay commissions in each auction in which he participates.
In another sense, the Wall interface tries to create a social platform that focuses on the NFT marketplaces. The crypto exchange invites creators and artists to display their works in the community. There is no release date yet for the Wall NFT community, but it will likely be before the end of the year.
According to unofficial announcements, WazirX has sold around 150 digital artworks since launching its NFT marketplace in June. The Indian interface has reduced the commission payment required to display the non-fungible tokens, increasing its fame.
OpenSea asks for $100 to $150 in interest to launch an NFT. WazirX shows an interest rate of $1 using BSC; this same measure applies in NFTically.
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