WazirX Shuts Down NFT Marketplace Due to Low Traction

Indian crypto change WazirX has wound up its NFT market operations with rapid impact. At the moment, the WazirX NFT website shows a message to this impact. 

WazirX NFT Sunsetted

“The WazirX NFT market has been sunsetted. You may nonetheless commerce your NFTs on OpenSea,” the message reads. 

In a statement on its website, Wazir stated regardless of making a “secure and safe” market, the enterprise “didn’t achieve a lot traction.”        

“NFTs are decentralized, and homeowners have full management over their belongings, which is why they’ve turn into so in style. Our customers can relaxation assured that they’ll proceed to carry their NFTs of their wallets, and these could be offered in different marketplaces akin to OpenSea,” the assertion clarified. 

A report by Inc42 said that WazirX NFTs has 52,253 objects on sale on OpenSea. 

No Discover, Rug Pull…

The information was obtained with shock on social media. A number of posts on Twitter pointed to “Zero discover,” and a few termed it a rug-pull. A Twitter consumer complained that the NFTs hosted on this platform will now fetch nothing. 

WazirX CEO Nischal Shetty replied to a tweet that termed the closing down of the WazirX NFT market a rug-pull. 

“Rugpull? NFTs have all the time been beneath self-custody of these collaborating,” he said.  

Solely a day earlier than WazirX shut down its market, an NFT assortment beneath the model identify Friendsies introduced an identical resolution to “pause” operations, citing market volatility. The announcement brought about fears of a rug-pull within the Friendsies neighborhood.     

India NFT Market 

WazirX NFT market launched in June 2021, adopted by a number of different India-focused NFT platforms by different corporations. Some have been capable of rope in prime movie stars to mint their NFTs, and the market seemed to be taking off for higher heights, with movie stars and cricket personalities, specifically, leaping on the NFT bandwagon. However a chronic bear market and unfriendly regulatory setting appear to have hit the crypto subsector arduous. 

Expertise consultancy agency Deloitte in its Expertise, Media, and Telecommunications (TMT) Predictions 2022, stated the Indian sports activities and leisure NFT market will develop to $1 billion within the close to future, whereas the worldwide sports activities NFT commerce will cross $2 billion in 2022. 

“With greater than 500 million cricket followers in India, and Bollywood…, an NFT market for simply cinema and sports activities in India has the potential to cross $1 billion in worth within the close to future,” the Deloitte report stated.