WazirX, a major cryptocurrency exchange based in India has made an announcement about its NFT marketplace.
According to the officials at WazirX, they have decided to take down their marketplace for non-fungible tokens (NFT).
No More NFT Marketplace for WazirX Users
The exchange has revealed that they have shut down its NFT marketplace operations. As communicated by the officials, the operations have been shut down on an immediate basis.
WazirX has also communicated the same through its website. The users can view the notification of the NFT marketplace shutdown on their platform.
On the website, WazirX has communicated that the sun for the WazirX NFT marketplace has set. The exchange has confirmed that although they will not have access to the WazirX NFT marketplace, they will have other accesses.
As communicated by the officials, the user will have access to the OpenSea marketplace and the NFTs offered on the particular platform.
Not Enough Traction for NFTs
The teams at WazirX have issued a statement where they have provided information about the discontinuation of their offering.
The exchange communicated that they had hoped of bringing in huge crowds from the Indian crypto and NFT markets to their side. They were hoping that the adoption level for their NFT marketplace would be enormous.
Unfortunately, they did not carry out much research in the particular sector, especially in the Indian market.
They thought that the adoption of the NFT marketplace would be gigantic in the Indian market. However, the reality was a lack of public interest and low trading volume.
Therefore, they had to make the decision of dropping the NFT marketplace from their end. They were investing more into the platform but they were not getting much in return.
It was in the better interest of their business to discontinue and shut down the marketplace for good. However, they have not dropped the idea of relaunching the marketplace in near future.
As per the officials, they have plans to relaunch the service once the conditions become favorable. They want to offer the best and the most reliable marketplace for NFTs to their users.
However, they will wait for the right time and then make their move once the traction and adoption level is high in India.
Indian Market Needs More Exposure
Despite the overall growth of the NFT market, it appears that the Indian market is yet to gain a significant amount of exposure in the NFT market sector.
Therefore, WazirX needs to wait until the market gets mature in the particular region before it starts offering these services.
The users with access to the NFT marketplace of WazirX will have access to the OpenSea marketplace. They will be able to use the wallets and interact with the NFTs present on the OpenSea platform.
