India’s WazirX Announces Shut Down of NFT Marketplace

• They were elated to announce the opening of India’s first NFT Marketplace in June of 2021.
• Company leaders expressed appreciation to customers and business associates.

The biggest cryptocurrency exchange in India, WazirX, has discontinued its NFT marketplace, WazirX NFT. WazirX NFT has “sunsetted,” according to the website, although clients may still trade on OpenSea. All NFTs purchased on the WazirX exchange may now be traded on OpenSea.

WazirX issued a statement expressing regret over the fact that the WazirX NFT Marketplace is no longer available. They were elated to announce the opening of India’s first NFT Marketplace in June of 2021. Several artists’ works were shown here. According to WazirX, the platform did not achieve enough momentum, thus they made the decision to shut it down.

No Definitive Stance

WazirX took great pleasure in discussing the positive impact they’ve had on the Indian NFT sector, noting that they’ve given many deserving Indian innovators a platform from which to shine. Company leaders expressed appreciation to customers and business associates for standing with them from the start.

As yet, there has been no definitive stance made by India on the topic of cryptocurrencies and assets. Revenue from the sale of virtual assets would be taxed at a rate of 30% beginning in 2022, according to the Union Budget. Yet, in her 80-minute speech to the Indian Parliament on the Union Budget of 2023, the Finance Minister did not once reference digital assets.

Due to the hefty TDS, Indian customers began looking elsewhere for their needs. Because of this, the digital market in India has ground to a halt. The Indian government looked into WazirX as well after the Enforcement Directorate confiscated over 69 crores INR in assets on the grounds of money laundering. 

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