WazirX is a cryptocurrency exchange based in India and was created in 2018 by Nischal Shetty and Siddharth Menon. It is headquartered in Mumbai, India, and was bought by cryptocurrency exchange Binance in 2019. As of August 2021, the platform had over 7.3 million users.
WazirX is considered one of India’s most popular, trusted, and reliable platforms for Bitcoin and cryptocurrency exchange. Many celebrities have their NFT (Non-fungible tokens) collection launched on the platform.
Nano NFT- DIY Initiative by WazirX.
WazirX NFT Marketplace has developed Nano NFT, a program in which producers can create their smart contracts, making the process of minting non-fungible tokens (NFTs) more frictionless and less complicated. According to the business, NFT founders are often ignorant of the obstacles that impede them from launching their initiatives.
In a statement released by WazirX, “Cost is the first consideration, so a 10-k project will need a six-figure budget if it’s to grow. But with Nano NFTs, creators will have their own website so people can claim and release NFT because of their own smart contract in which they can even design the NFTs based on traits and the rarest features.” The number ’10K’ refers to the total number of NFTs in the collection.
On the blockchain, smart contracts are programs that are recorded. Smart contracts for collections can be thought of as folders housing NFTs on the WazirX NFT Marketplace. Smart contracts give creators complete ownership over their collections, allowing them to take them wherever they want in the future. It’s worth noting, though, that authors will be responsible for the gas price for each work they put in the collection.
Individual creators, according to WazirX, have always been left out of the race since it is difficult for them to design a plan for their collection and create and implement a smart contract. For them, Nano NFT intends to revolutionize the entire process of making NFT collections. The smart contract offers creators complete control over their works.
The platform allows anyone in India to start trading right away! You can buy, sell, and trade in various cryptocurrencies like Bitcoin, Ethereum, Ripple, Litecoin, and even invest in Non-fungible tokens (NFTs). They will move forward with their focus on P2P (peer-to-peer network).
The WazirX ecosystem is built around WRX, a utility token backed by WazirX. The company created the WRX tokens to engage its community in helping them build up the WazirX marketplace and to reward them for their contributions. This allows them to keep loyal to the cryptocurrency and blockchain concept of sharing the benefits of WazirX’s success with its early adopters and supporters.
The following is how WazirX P2P works:
- When a buyer enters a USDT buy order, it is automatically matched with a seller.
- Pays the seller’s bank account directly.
- Both the buyer and the seller acknowledge that payment has been sent and received.
- The escrowed USDT is sent to the buyer’s wallet by WazirX.
Some of the best features of the platform are:
- Instant and auto-matching engine
- Low fees
- Available 24×7
- No custody of fiat funds
- User friendly interface
- Transparent communication
- Available on Android, iOS, Web, Mac & Windows