February 24, 2023
By Anjali Kochhar
Indian cryptocurrency exchange WazirX announced on Wednesday that it is shutting its non-fungible tokens (NFT) marketplace due to a lack of traction, indicating an increasingly difficult business environment for the virtual digital assets (VDAs) segment amid high taxes, regulatory uncertainties, and global market volatility.
WazirX’s crypto exchange business has already lost more than 90% of its trading volumes since the implementation of a 30% income tax on profits and a 1% TDS on all VDA transactions last year. With global volatility in crypto asset prices and the FTX collapse last year, sentiments in the sector have been low.
The NFT marketplace was launched in 2021 with the goal of facilitating the exchange of digital assets and intellectual properties such as art pieces, audio files, videos, programmes, and even tweets, in addition to other digital goods and services.
“We regret to announce that the WazirX NFT Marketplace has been sunsetted. We are proud to have launched India’s first NFT Marketplace in June 2021, which showcased the work of many creators. Unfortunately, it did not gain much traction,” a company spokesperson said in a statement.
The company further said that users can continue to hold their NFTs in their wallets and sell them on other marketplaces such as OpenSea.
“We are proud of the contribution that we have made to the NFT sector in India. We have provided a platform for creators to showcase their talent, and our efforts have helped put the spotlight on many Indian creators,” the spokesperson said thanking the platform’s users and partners for their support.
About the author
Anjali Kochhar covers cryptocurrency stories in India as well as globally. Having been in the field of media and journalism for over three years now, she has developed a sharp news sense and works hard to present information that goes beyond the obvious. She is an avid reader and loves writing on a wide range of subjects.