WazirX NFT Marketplace Has Been Shut Down, Why?

Paigambar Mohan Raj
Source: Coins to Use

Disclaimer: This article has been updated on Feb 23rd. 2023, 6:35 UTC.

Indian cryptocurrency exchange WazirX has shut down its NFT marketplace. The website states that the “marketplace has been sunseted.” However, users can still trade their NFTs on OpenSea, according to the website. By clicking the OpenSea link provided on the website, users can buy or sell the NFTs they purchased on WazirX. WazirX’s profile on OpenSea currently has 52,253 products for sale.

Source: WazirX

Watcher Guru has reached out to Nischal Shetty, founder of WazirX, for a comment. Shetty shared the statement from the WazirX team. As per the release, the NFT marketplace did not generate much traction and hence had to be shut down. Nonetheless, the team takes pride in being the first NFT marketplace from India. Users can continue to hold their NFTs in their wallets, which can be traded on other marketplaces, such as OpenSea.

After WazirX NFT marketplace, will the exchange be next?

Users are tensed about the development, and many are worried that the exchange could be next to shut down. However, this is unlikely at the moment, given that the NFT marketplace shut down due to the lack of meaningful traction. Nonetheless, the fear looms above many users.

WazirX previously had a debate over whether Binance, the world’s largest exchange, owned the platform. The Indian exchange was thought to have been purchased by the crypto giant in 2019. Changpeng Zhao (CZ), the CEO of Binance, claimed that the deal was never finalized.

In a recent blog, the CZ-led platform urged Zanmai Labs, the company in charge of the well-known Indian cryptocurrency exchange, to withdraw assets that were kept in Binance wallets. Binance’s move followed fear among users regarding their funds.

WaziX is one of the most popular cryptocurrency exchanges in India. However, the firm relocated its base to Dubai in April 2022, due to the heavy tax laws in India.