Indian crypto exchange WazirX has recently shut down its NFT marketplace, citing low volume and traction.
The platform said users could continue to hold their NFTs in their wallets and trade them on other NFT marketplaces like OpenSea.
According to a statement on its official Twitter account, WazirX's NFT marketplace saw 71 unique active wallets, 354 transactions, $112.24 of volume, and collected just $6 in platform fees in the last 30 days.
- Several users accused WazirX of a rug-pull attempt since they were not notified of the shutdown.
- WazirX CEO Nischal Shetty replied to rug-pull accusations by stressing that NFTs have always been under the participants' self-custody.
- Inc42's report showed that there are 52,253 WazirX NFT items on sale on OpenSea.
WazirX launched its own NFT marketplace in June 2021.
- In a 2022 report, technology consultancy firm Deloitte predicted that the Indian sports and entertainment NFT market would reach a $1B value in the near future.
