WazirX recently announced that it would shut down its NFT marketplace. The exchange released India’s first NFT marketplace back in June 2021.
Despite the vast market potential, the marketplace could not gain enough traction. However, the primary reason behind the platform’s closing is believed to be WazirX’s skirmish with Binance.
The Indian crypto exchange recently had a public tussle against Binance on Twitter. It started with WazirX insinuating that Binance has control over its user funds. However, Binance quickly retaliated by stating that it had no such authority.
Besides the back and forth against Binance, WazirX faced several regulatory framework issues. The platform encountered multiple raids conducted by the Enforcement Directorate in August 2022.
WazirX released an official post to inform users about the shutting down of its NFT marketplace. The post stated that WazirX had established a safe marketplace for creators. It showcased and traded its unique assets as well.
Their involvement is one of the reasons why NFTs became popular in the region. Despite the platform’s closing, users can rest assured about holding their NFTs in wallets. These tokens can still be sold on other marketplaces, like OpenSea.
WazirX expressed pride in contributing to India’s NFT sector. The NFT marketplace has helped several creators to gain the limelight and showcase their talents. The exchange thanked its partners and users for supporting the marketplace throughout the years.
Seeing how the crypto industry has been undergoing a rough phase, the news has delivered another hit to the market.