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The wazirx nft market was launched two years ago and closed because of market uncertainty.
No More NFTs On WazirX
On February 22, the Indian crypto exchange WazirX announced that it was shutting down its NFT marketplace due to low activity and challenging business environments caused by high taxation, regulatory trouble, and overall market instability, which had invariable rocked the virtual digital assets (VDA) segment.
According to the company spokesperson, who made the announcement,
“We regret to announce that the WazirX NFT Marketplace has been sunsetted. We are proud to have launched the first NFT market in India in June 2021, showcasing the work of many creative people. Unfortunately, he hasn't made a lot of progress."
Marketers to switch to OpenSea.
Launched in 2021, the platform featured non-transferable tokens such as digital artwork, audio files, videos, programs, tweets and all sorts of digital goods and services. As the market is now closed, users can still keep their pre-existing NFT in their own portfolio. However, if they want to sell or exchange them one way or the other, they should look to other markets, such as opensea.
The spokesperson thanked the platform’s users and partners, saying,
“We are proud of the contribution that we have made to the NFT sector in India. We have provided creators with a platform to showcase their talent, and our efforts have contributed to highlighting many Indian creators."
Challenges presented by the marketplace.
The last budget meeting announced massive taxes on the Indian crypto market. Income tax of 30% on profits and 1% tds on all vda transactions paralyzed crypto transactions in India, causing more than 90% of exchange volumes to be lost on the wazirx platform.
The challenges continued with the volatility of the global crypto market as a result of the collapse of three capital arrows, ftx, celsius, and other crypto institutions. As such, national interest, that reached frantic levels by 2021, has drastically decreased, and the wazirx nft market failed to attract the desired volume of buyers.
Recently, the WazirX crypto exchange had to factor in the market volatility further and disclose its proof-of-reserves. After the FTX ecosystem collapsed, investor confidence has never been so weak. Many cryptography exchanges have been quick to disclose their proof of reservations in order to reassure partners, shareholders and investors about the state of their liquid assets. WazirX performed its own audit using a third-party asset tracker, which found that 90% of its user assets were held in Binance-based portfolios.
