Cryptocurrency alternate WazirX has shut down its NFT market, WazirX NFT. This comes because the crypto business faces the brunt of the continued downturn.
{The marketplace}’s web site learn, “The WazirX NFT market has been sunseted. You possibly can nonetheless commerce your NFTs on OpenSea.” At current, the OpenSea profile of the crypto alternate has 46,400 objects on sale.
WazirX mentioned {the marketplace} didn’t acquire traction. “We remorse to announce that the WazirX NFT Market has been sunsetted. We’re proud to have launched India’s first NFT market in June 2021, which showcased the work of many creators. Sadly, it didn’t acquire a lot traction,” it mentioned in an announcement.
We’re happy with the contribution that we now have made to the NFT sector in India. We’ve supplied a platform for creators to showcase their expertise, and our efforts have helped put the highlight on many Indian creators, it added.
The Indian crypto ecosystem has had a tough trip because it faces the whammies of a protracted bear market and the regulatory measures launched by the federal government. Crypto exchanges have seen their buying and selling volumes droop closely and are nonetheless laying low.
WazirX not too long ago launched its proof of reserves report, disclosing that the worth of person belongings held is $286 million. It’s reserves-to-liabilities ratio stays greater than 1:1, implying adequate liquidity for customers within the occasion of a withdrawal, it mentioned.
The corporate additionally mentioned: “We created a secure and safe market the place creators might showcase and commerce their distinctive digital belongings. Our customers can relaxation assured that they will proceed to carry their NFTs of their wallets, and these may be offered in different marketplaces resembling OpenSea.”
