famous indian crypto exchange, Wazir Xclosed the NFT Marketplace unexpectedly, shocking the community. The platform had witnessed a decline in volume for months, and the core team abandoned it, prompting speculation about its future. rice field. “The WazirX NFT Marketplace has been discontinued. NFTs can still be traded on OpenSea.” Despite several inquiries, WazirX has remained silent about the closure.
WazirX will launch its NFT Marketplace in March 2021, offering a variety of digital assets including artwork, music, videos, and other collectibles. The platform gained initial attention, but interest waned over time, and the need for updates and promotions from WazirX contributed to the platform’s downfall. The collapse of cryptocurrency exchanges began after they were investigated for failing to comply with foreign exchange regulations and guidelines to prevent money laundering.
The marketplace’s abrupt closure has disappointed several artists and creators who have posted their work on the platform. increase. As a result, the community expressed their disappointment and frustration on social media and asked the exchange for clarification.The NFT market is still in its infancy in India and the closure of a powerful platform like WazirX is a setback for the community.
The WazirX NFT Marketplace shop has closed. pic.twitter.com/Tbrn5E961Y
— Kashif Raza (@simplykashif) February 22, 2023
WarzirX NFT Marketplace Closure Causes
It is speculated that the closure is due to WazirX’s focus on Shardeum, a new Layer 1 blockchain under development. Shardeum aims to provide scalability, security, and interoperability for decentralized applications (dApps), and the team is very much pushing it. The WarzirX marketplace was essentially ignored as the team moved on to other projects.
While the NFT marketplace closure has only impacted a small portion of the user base, the ongoing ownership conflict with Binance could have a bigger impact. At this time, it remains to be seen how this will affect WazirX’s future and services.
The ownership dispute between WazirX and Binance began in August 2020 when Binance acquired WazirX. Since then, there have been concerns about how much control Binance has over WazirX’s operations. Binance’s recent termination of wallet services on WazirX compounded these concerns and created uncertainty about the platform’s future. WazirX has made it clear that it is prepared to take action against false and misleading statements from Binance. As the situation continues to evolve, it remains to be seen how this ownership dispute will ultimately affect his WazirX and its users.
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