After opening its NFT marketplace in June 2021, the Indian cryptocurrency exchange WazirX has now discontinued the service.
To put it bluntly, the WazirX NFT exchange is no longer available. According to OpenSea’s website, the NFT marketplace is still operational for trading.
According to WazirX, the marketplace was discontinued due to a lack of interest.
For reasons beyond our control, the WazirX NFT Marketplace is no longer available. We are pleased to announce the launch of India’s first NFT Marketplace, featuring the works of numerous artists, in June 2021. The company acknowledged in a statement that “it did not gain much traction.”
For the purpose of showcasing and transacting in one another’s unique digital assets, we built a secure marketplace. NFTs’ meteoric rise can be attributed to the fact that they are decentralised and give owners full say over their holdings. Users can rest assured that their NFTs will remain secure in their wallets and will be able to be traded on exchanges like OpenSea.
After receiving an ultimatum from Binance to transfer assets held in the exchange’s wallets by February 3, 2023, NFT marketplace WazirX has decided to shut down.
Binance, the largest cryptocurrency exchange in the world, has previously stated that it is not responsible for the safety of user funds on WazirX or any other aspect of the WazirX exchange’s business.
The Indian cryptocurrency exchange has been confronted with a number of difficulties, including regulatory scrutiny and a public dispute with Binance. The company’s director had his or her home and bank accounts frozen to the tune of Rs 64.67 crores in August 2022 after raids by the Enforcement Directorate.
In the year ending in December 2022, trading volume on WazirX dropped by 76 percent. With a modest starting point and the boom lasting through at least the first half of the fiscal year ending in March 2022, the company was able to grow in size by over seven times.