WazirX Shocks Customers by Closing NFT Market

Well-known Indian crypto change, WazirX, has unexpectedly shut down its NFT market, stunning the group. The platform had witnessed declining quantity for months, and the core workforce had deserted it, which led to speculations about its future. Then, out of the blue, it closed its NFT market, with its web site displaying, “The WazirX NFT market has been sunsetted. You possibly can nonetheless commerce your NFTs on OpenSea.” Regardless of a number of inquiries, WazirX has maintained silence on the closure.

WazirX launched its NFT marketplace in March 2021, providing a spread of digital belongings, together with art work, music, movies, and different collectibles. The platform initially gained traction, however curiosity waned over time, and the necessity for updates and promotions from WazirX contributed to the platform’s downfall. The collapse of the crypto change commenced after it got here underneath investigation for failing to adjust to overseas change rules and pointers on stopping cash laundering.

The sudden closure of {the marketplace} has upset a number of artists and creators who had listed their works on the platform. Whereas, the dearth of communication from WazirX has raised issues in regards to the change’s dedication to its customers. Because of this, the group has expressed disappointment and frustration on social media, urging the change to clarify. The NFT market remains to be in its early levels in India, and the closure of a strong platform like WazirX is a setback for the group.

WazirX NFT market store closed. pic.twitter.com/Tbrn5E961Y

— Kashif Raza (@simplykashif) February 22, 2023

Causes of WarzirX NFT Market Closure

The closure is imagined to be resulting from WazirX’s give attention to Shardeum, a brand new Layer 1 blockchain that the change is creating. Shardeum goals to supply scalability, safety, and interoperability for decentralized functions (dApps), and the workforce has been selling it closely. Because of the shift of the workforce to a different mission, WarzirX market was mainly uncared for. 

Though the shutdown of its NFT market has solely affected a minor fraction of its consumer base, the continuing possession battle with Binance might have a extra substantial repercussion. As of now, it stays to be seen how this can have an effect on WazirX’s future and companies.

The possession dispute between WazirX and Binance began in August 2020 when Binance acquired WazirX. Since then, there have been issues in regards to the degree of management Binance has over WazirX’s operations. Binance’s latest termination of pockets companies on WazirX added to those issues and created uncertainty in regards to the platform’s future. WazirX has made it clear that it’s ready to take motion towards what it considers false and deceptive statements from Binance. Because the scenario continues to evolve, it stays to be seen how this possession dispute will finally have an effect on WazirX and its customers.

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NFT and Web3 Ambassador. Bullish on all issues Blockchain.