A new twist in the world of Crypto and NFT in India came when the country’s leading cryptocurrency exchange Wazirx announced the sudden closure of its NFT market. The company has officially confirmed that the Wazirx NFT Market has been closed. This is the same platform that was launched as India’s first NFT Market in June 2021. If you want to know that Why is Wazirx NFT trending on Google So you can know by visiting this link.
What was said in the official statement?
A note on the Wazirx website stated, “We are sorry to say that the Wazirx NFT Marketplace has been shut down. We are proud to launch India’s first NFT Marketplace, who presented the work of many creators. The platforms have not attracted more users.”
The company also said that NFT customers can still sell their digital artwork and collections on other international NFT markets like Opensea. Users can hold their NFTs in their digital wallets and list them at any time.
Big contribution to NFT sector
Wazirx NFT Market recorded a strong appearance in the Indian Digital Art and Creative Sector. The platform recognized many young and emerging artists in India and provided them with a safe and dysentery platform where they could trade and mint their unique digital assets.
The company said, “We are proud that we contributed to the Indian NFT Sector. Our efforts brought many Indian creators to the limelight and connected them to an international stage. We thank all our users and partners who supported us in this journey.”
Why was Wazirx NFT Market closed?
The biggest reason behind the closure of the Wazirx NFT market has been explained by the lack of “traction” ie user engagement. According to Wazirx, in Spite of Being the first-off-IF-Kind Platform in Republic of India, NFT Market could not get the userbase and growth that was being expected.
Along with this, the “Crypto Winter” released in the crypto industry also affected this decision. The fall of companies such as 3 Arrows Capital, Celsius Community and the biggest blow FTX in the last one year has caused heavy damage to the global crypto sector. Its impact was also seen in India and many crypto startups had to deduction in their operations.
Controversy affects the dispute with Binance
The controversy between Wazirx and Binance was also considered a reason for this decision. Binance announced the acquisition of Wazirx in 2019. Binance clarified that it has no control over the funds or operations of Wazirx. In January 2023, Binance also gave Wazirx an ultimatum to remove funds from its wallets.
The dispute was deepened when Binance blocked Wazirx’s wallet access and Wazirx was forced to remove its funds. This had a direct impact on Wazirx’s operational capability.
Current Status of Wazirx
Wazirx has shut down its NFT market and now currently the Wazirx is surrounded by many troubles with the most important Wazirx Hack, which was a major cyber attack, with an estimated $ 250 million stolen. Since this hack, this platform has been closed and now it is planning a restart, but it is believed that Wazirx Restart’s path is not easy,
The shutdown of Wazirx NFT Market was an important turn for India. This step was like a shock for Indian Digital Art and NFT Sector. But at the same time it was also given a lesson for the future that not only technology, it is equally important to understand user engagement and market trend.
Conclusion
The question still remains whether NFT EcoSystem will thrive again in India and will other companies step into this space. Will Wazirx NFT Market start again because the craze of NFT Marketplace has increased in a few years and many new projects have emerged. One of these is the major project Capitaltreasury nftWhich has given a new look to NFT Marketplace. Which can be like a lifeline for Wazirx NFT and encourage it to resume their marketplace.
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