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<ul><li>Indian crypto exchange <keyword id="6672551" type="UNKNOWN" weightage="20" keywordseo="wazirx">WazirX</keyword> has announced a <keyword id="11046450" type="UNKNOWN" weightage="20" keywordseo="NFT-Marketplace">NFT marketplace</keyword> for <keyword id="480599" type="ORGANIZATION" weightage="20" keywordseo="Indian-artists">Indian artists</keyword>.</li><li>It is one of the first marketplaces for NFTs in India.</li><li>A NFT is a digital asset and it can be in the form of a picture, audio, video or even a tweet.</li></ul>Indian crypto exchange WazirX has announced the launch of a non-fungible token (NFT) marketplace for Indian artists and creators. The company has said that it is one of the first marketplaces for NFTs in India. The NFT marketplace from WazirX is being spearheaded by Sandesh B Suvarna, a Canada-based entrepreneur. Film actor Vishakha Singh has also joined the firm as an advisor. Speaking about the launch of its NFT marketplace, Nischal Shetty, founder of WazirX, said, “Both digital creators and collectors stand to benefit from the <keyword id="11047571" type="UNKNOWN" weightage="20" keywordseo="wazirx-nft-marketplace">WazirX NFT marketplace</keyword>. As of now, we are working around a certain nitty-gritty to make NFTs more lucrative for our customers.” <cmsannotation type="cmsannotation" annotationid="What is a non-fungible token (NFT)?" comment="subhead" text="What is a non-fungible token (NFT)?">What is a non-fungible token (NFT)?</cmsannotation> A non-fungible token (NFT) is a one-of-its kind digital asset that can be in the form of art pieces, audio files, videos, programs, digital goods and even tweets. What makes NFT unique is that it is non-fungible in nature, meaning that it cannot be replaced by another identical item and its copies cannot be created after its purchase. “Like the status of cryptocurrencies and Blockchain, even the non-fungible tokens that are NFTs are not recognised under any of the regulations in India. Having said that since the nature of NFTs is different from cryptocurrencies, there does not seem to be any specific restriction on usage of NFTs,” said Rashmi Deshpande, partner at law firm Khaitan &amp; Co. “Under the given legal structure, NFTs can at the most, be treated as a digital commodity and have taxation implications as any other asset. One needs to be clear that since NFTs are not competing with fiat currency in any possible way, there is no major issue on their usage in India as of now,” Deshpande explained. Twitter founder Jack Dorsey sold his first tweet on the platform for <a href="https://www.businessinsider.in/tech/news/twitter-ceo-jack-dorseys-first-tweet-is-expected-to-sell-for-2-5-million-on-sunday-this-is-why-the-nft-is-so-valuable-/articleshow/81619369.cms">$2.9 million</a> in an NFT-based transaction last month. The launch of the WazirX NFT marketplace will allow <keyword id="10910622" type="UNKNOWN" weightage="20" keywordseo="indian-creators">Indian creators</keyword> to place their digital assets for auction over the block-chain based marketplace and earn royalty. <cmsannotation type="cmsannotation" annotationid="What will be the charge for auctioning on the WazirX NFT marketplace?" comment="subhead" text="What will be the charge for auctioning on the WazirX NFT marketplace?">What will be the charge for auctioning on the WazirX NFT marketplace?</cmsannotation> WazirX has said that it will not charge its customers for creating and listing NFTs on its platform. However, a gas fee has to be paid to miners as NFT uses blockchains that allow smart contracts. A gas fee is the cost of the computational power used to verify the transaction. WazirX has added that it is working on removing this cost to make NFT minting more attractive for creators. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/the-man-who-bought-beeples-69-million-nft-reveals-his-identity-to-show-the-equalising-power-of-crypto-but-is-caught-in-a-controversy-himself/articleshow/81583375.cms">The man who bought Beeple’s $69 million NFT reveals his identity to show the equalising power of crypto — but is caught in a controversy himself</a> <a href="https://www.businessinsider.in/stock-market/news/snoop-dogg-and-lionel-richie-jump-in-on-nft-craze-as-crypto-com-launches-a-token-marketplace/articleshow/81655953.cms">Snoop Dogg and Lionel Richie jump in on NFT craze as Crypto.com launches a token marketplace</a> <a href="https://www.businessinsider.in/stock-market/news/nft-related-stocks-jump-as-investors-look-to-break-into-the-red-hot-digital-art-market/articleshow/81655687.cms">NFT-related stocks jump as investors look to break into the red-hot digital art market</a>

WazirX launches NFT marketplace for Indian artists and creators

In a new trend that indicates the utilization of blockchain technology in the music industry, Hindi Rock giant <keyword id="19787" type="General" weightage="20" keywordseo="euphoria" source="Orion">Euphoria</keyword> is set to launch its latest album titled 'SALE', in the form of a Non-Fungible Token (<a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">NFT</a>). The band will drop the music album NFT and nine behind-the-scene photographs on the invite-only NFT project Token Runway, after which it will be auctioned before its public release. The auction commenced on September 9 and culminates on September 12, subsequent to which, the album will be released on September 14. The album 'SALE' is the 8th one by Euphoria, composed of 7 songs that will take listeners on a ride across genres, sounds, styles, emotions and life experiences. Written at various points of time in Euphoria Founder Singer-Writer Palash Sen's career, each song stands for a real-life story witnessed or felt by him and the band. The album essentially is 17 years of hard work and passion condensed into 7 soulful tracks. Talking about the music NFT drop by Euphoria, Priyank Mahajan, Co-Founder, Token Runway says, "After decades of experience in the field of entertainment and media monetization we are excited to embark on this blockchain powered journey with Token Runway. The system is built in a manner which guarantees trust amongst sellers and buyers, which lets the creators focus on their craft. We are excited to be able to work with Euphoria on our first NFT as the band being a legend has a history of many firsts, and will keep striving to bring exclusive and rare NFTs to our community." Explaining the rationale behind slipping into the NFT trend, Euphoria Founder &amp; Singer Palash Sen says, "We believe that it is important to take our music to all communities. This will widen the outreach of our work to the global blockchain community and we certainly are looking forward to it. As seasoned musicians, we think it is essential for us to be a part of this movement. We come from a time when it was impossible to release an album without a label or a rich dad. NFTs offer a whole new distribution mechanism without affecting the artist's other revenue streams." In the music space, an NFT can be stated as a piece of creative work that is stored on a <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true">digital ledger</a>. Artists and musicians can create NFTs to auction off various forms of digital media to their fans. This marks the beginning of an era when artists are able to do business directly to fans and sell their NFTs like they used to with self-produced CDs. NFTs operate on a blockchain, which is a publicly accessible and transparent network -- meaning anyone can see the details of any NFT transaction. Computers involved in the transactions become part of the network, which keeps updating and can't be hacked. These NFTs or digital tokens have gone mainstream in the last year, as many international musicians sought out additional revenue streams in the digital audio distribution of the pandemic. The release of the album as an NFT by Euphoria will also be the first of many other NFTs by the band with Token Runway over the coming years as they see a massive potential for growth via this new trend. "In the long run, fans will have access to exclusive work from the musicians and will bring back the concept of ownership of music like in the case of CDs, cassettes and records. For the musicians it will provide new reasons and challenges to better their craft," said Palash. Speaking to IANSlife about the future plans, Palash says: "After the release of SALE as an NFT, we are also going to be working on creating a year long calender or a roadmap to release further content, memorabilia, Euphoria demos, and several other special things relating to the band's journey. It is definitely exciting as it helps us connect with an audience that is interested in and seeks off beat collectibles. Being an independent artist, our options are limited. But then, the sky is the limit." "We have been working on this album for over 17 years, it was not till recently we thought of doing an exclusive pre-release SALE as an NFT. It so happened that we were in the process of releasing the album when the NFT trend set in. As we had the album almost ready we decided to take the plunge with it, mainly to test waters and gauge the response from our audience. We are very happy to have collaborated with Token Runway for our very first NFT project. It has been truly euphoric to work with them." <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite&amp;is_retargeting=false&amp;shortlink=BI&amp;c=site&amp;pid=Business%20Insider&amp;af_click_lookback=7d&amp;af_channel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true"></a><a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/cryptocurrency/news/opensea-is-still-reeling-from-the-crypto-flash-crash-value-of-cryptopunks-slashed-in-half/articleshow/86068443.cms">The biggest NFT platform in the world is still reeling from the crypto flash crash — value of CryptoPunks slashed in half</a> <a href="https://www.businessinsider.in/cryptocurrency/news/indian-crypto-start-up-plans-to-do-for-solana-what-alchemy-did-for-ethereum-with-1-5-million/articleshow/86057583.cms">INTERVIEW: Here's how SolRazr plans to do for Solana what Alchemy did for Ethereum with $1.5 million in its pocket</a>

Indian rock band Euphoria set to launch its next album as an NFT

Celebrating the spirit of unity and freedom this August, renowned artists <keyword id="2590998" type="PERSON" weightage="20" keywordseo="Priya-Malik">Priya Malik</keyword>, <keyword id="2092069" type="PERSON" weightage="20" keywordseo="Vinay-Kaushal">Vinay Kaushal</keyword>, DJ Shaan, <keyword id="1306623" type="PERSON" weightage="20" keywordseo="Nehha-Rajpal">Nehha Rajpal</keyword>, Abhishek Bhaskar, among others, are set to launch non-fungible digital tokens on the <keyword id="11356849" type="UNKNOWN" weightage="20" keywordseo="WazirX-NFT">WazirX NFT</keyword> Marketplace. A special tribute to 75 glorious years of <keyword id="11843716" type="UNKNOWN" weightage="20" keywordseo="indias-independence">Indias Independence</keyword>, the creations dropped by these top artists are bound by a common theme of challenging the norms, staying fearless, and breaking free. Taking the center stage in the <keyword id="11046450" type="UNKNOWN" weightage="20" keywordseo="NFT-Marketplace">NFT marketplace</keyword>, popular poet and writer Priya Malik have bowled the <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">NFT</a> marketplace over with some of her stellar creations 'Broken But Beautiful' and 'Main 2019 mein 1999 dhoond rahi hoon'. Her next <keyword id="4668945" type="PERSON" weightage="20" keywordseo="nft">NFT</keyword> drop, 'Azadi', which consists of a poem, written exclusively for WazirX, will be a tribute to women and their journey towards financial freedom. Musician Vinay Kaushal's creation 'Trapped - Moral Boxes' is one of the most talked-about <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">NFT</a> creations on the marketplace. His breakthrough theme to bust the stereotypes that we are often kept boxed in makes it an apt freedom day release. The three-part series consists of parallels drawn about society and greed, through music and dance. Along with the digital asset, for the first collector, Vinay Kaushal will be giving a physical copy of the album with additional perks. Symbolising strength and individuality, DJ Shaan minted a masterpiece called 'The Forbidden Tiger', which sold for 799 <keyword id="4090915" type="PERSON" weightage="20" keywordseo="WRX">WRX</keyword>, within a few hours of dropping on the platform. The reason why he chose a tiger for his creation for this occasion is special to DJ Shaan and the country. The National animal of India, the tiger symbolizes individuality, fearlessness, strength, and stealth. The music in this symbolizes the energy and strength a tiger possesses while the visual art is meant to depict the royal and fierce nature of a tiger. Identifying this massive trend, Vice President of WazirX NFT Marketplace <keyword id="144619" type="PERSON" weightage="20" keywordseo="Vishakha-Singh">Vishakha Singh</keyword> says: "The passion economy has presented a new way for artists to capitalize on creativity and engage with a wider community. WazirX NFT marketplace has been on a mission to create more opportunities for our South Asian native artists who inspire their community every day through their creations. "No matter what the form, art, and tech has been uniting people for centuries. NFTs is that business solution for the passion economy. For the month of August, we are excited to have onboard some of the most sought-after artists who will be dropping <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=r[…]nnel=Business%20Insider&amp;af_adset=article&amp;af_force_deeplink=true" data-type="tilCustomLink">NFT</a>s based on their personal interpretation of unity and freedom." Since the crypto market gathered momentum in India, NFTs have been gaining traction amongst the millennials and Gen Z. NFT marketplaces are a great platform for artists to monetize their work. Because the sales of the NFT majorly depend on virality, Indian creators are gaining popularity in the international NFT market as well. NFTs not only puts the power back in the hands of the artists but these are also considered a tool for artists and creators to engage with their audience and unite them with the power of art. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/messis-impending-arrival-drives-the-value-of-psgs-crypto-token/articleshow/85175455.cms">Messi may or may not be going to PSG, but the French club is already seeing gains from the 'potential' signing</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/cryptocurrency/news/crypto-firm-mudrex-which-offers-mutual-fund-like-crypto-investment-tools-raises-2-5-million-in-a-seed-round/articleshow/85205115.cms">This Indian crypto company just raised $2.5 million to launch crypto mutual funds and ETFs</a>

Priya Malik, Vinay Kaushal, DJ Shaan and others to drop NFTs on India's Independence Day

After cryptocurrencies and their grave misuse for money laundering and hawala-based transactions, a new report has claimed that money laundering through the buying and selling of <a href="https://www.businessinsider.in/budget/news/from-cryptocurrencies-to-nfts-india-to-tax-all-virtual-digital-assets-at-30/articleshow/89268587.cms" data-type="tilCustomLink">NFTs</a> is a growing sector where cybercriminals use illicit funds to purchase <keyword id="902592" type="General" weightage="20" keywordseo="nfts" source="Orion">NFTs</keyword>. According to a report by Blockchain data platform Chainalysis, they found a small but growing portion of activity on NFT marketplaces that could be attributed to money laundering. "While money laundering in physical art is difficult to quantify, we can make more reliable estimates of NFT-based money laundering thanks to the inherent transparency of the Blockchain," the report said late on Wednesday. The value sent to NFT marketplaces by illicit addresses jumped significantly in the third quarter of 2021, crossing $1 million worth of cryptocurrency. The figure grew again in the fourth quarter, topping out at just under $1.4 million. "In both quarters, the vast majority of this activity came from scam-associated addresses sending funds to NFT marketplaces to make purchases," the report informed. Both quarters also saw significant amounts of stolen funds sent to marketplaces as well. "Perhaps most concerningly, in the fourth quarter, we saw roughly $284,000 worth of cryptocurrency sent to NFT marketplaces from addresses with sanctions risk," said the researchers. NFTs can store data on blockchains and that data can be associated with images, videos, audio, physical objects, memberships, and countless other developing use cases. NFT popularity skyrocketed in 2021. Chainalysis tracked a minimum $44.2 billion worth of cryptocurrency sent to ERC-721 and ERC-1155 contracts -- the two types of Ethereum smart contracts associated with NFT marketplaces and collections -- up from just $106 million in 2020. Some NFT sellers are making a killing with wash trading too. "Wash trading", meaning executing a transaction in which the seller is on both sides of the trade in order to paint a misleading picture of an asset's value and liquidity, is another area of concern for NFTs." Using Blockchain analysis, the researchers identified 262 users who have sold an NFT to a self-financed address more than 25 times. The 110 profitable wash traders have collectively made nearly $8.9 million in profit from this activity, dwarfing the $416,984 in losses made by the 152 unprofitable wash traders. "Even worse, that $8.9 million is most likely derived from sales to unsuspecting buyers who believe the NFT they're purchasing has been growing in value, sold from one distinct collector to another," said Chainalysis. "NFTs offer potential for abuse. It's important that as our industry considers all the ways this new asset class can change how we link the blockchain to the physical world," said the report. Over Rs 4,000 crore of illegal transactions via cryptocurrency exchanges were unearthed by the Enforcement Directorate (ED) in India in the last one year, reports claimed in November last year. Grave concerns have now been raised over the misuse of digital coins on the Dark Web for terror acts and drugs trafficking by militant organisations, and for money laundering and hawala-based transactions -- posing a serious threat to national security and a big challenge to the security agencies in India.

Money laundering through NFTs a growing sector: Chainalysis report

As high-net-worth individuals (HNWIs) continue to invest in <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" data-type="tilCustomLink">cryptocurrencies</a> and seek to diversify their portfolio, non-fungible tokens (NFTs) are slowly gaining asset-class credibility. Indians are also warming up to this new digital asset that has given creators and collaborators a fresh platform to earn better moolah while generating more value for their work. NFTs allow people to buy and sell ownership of unique digital items in <a href="https://wazirx.com/signup?invite=2kpah6gr&amp;utm_source=business-insider&amp;utm_medium=referral&amp;utm_campaign=microsite" data-type="tilCustomLink">cryptocurrencies</a>, and keep track of who owns them using the Blockchain. NFTs can technically contain anything digital, including drawings, artworks, tweets, animated GIFs, songs or even video games. TV host and actor Vishal Malhotra collaborated with artist Ishita Banerjee to release an NFT which was sold last week for 2.5 Ethereum ($5,500) -- five times the listed price. On the NFT marketplace by WazirX, India's biggest cryptocurrency exchange in terms of trading volume, a unique NFT, which was a collaborative artwork between pop icon Ritviz and visual artist Santanu Hazarika, was sold for $391.8 within 10 seconds of going live. WazirX has sold more than 160 pieces of digital art on its platform for NFTs within month of its launch. The crypto company on June 1 rolled out South Asia's first NFT Marketplace with 15 creators hailing from diverse categories such as space 3D artists, digital artists, muralist photographers, canvas artists, street artists and visual artists. The platform came without any listing price and extended 50,000 <keyword id="4090915" type="COMPANY" weightage="20" keywordseo="WRX">WRX</keyword> (WazirX tokens) as bonuses for the community. "More artists and collectors across the globe are today tapping the power of NFTs. NFTs ensure the exclusivity of ownership and can be seen as a way to digitise artwork and other collectible items," said Sandesh B Suvarna, <keyword id="45171" type="COMPANY" weightage="20" keywordseo="VP">VP</keyword>, WazirX NFT Marketplace. According to Hazarika, the global NFT market is slowly becoming a crucial promotional tool for all artists to monetise their work and uniquely engage with their community of collectors and fans who value art. "With NFTs, artists are now open to working with anyone," he said. The WazirX NFT Marketplace is powered by the Binance Smart Chain, which brings the gas fee -- a sum required to mint the NFT via a blockchain -- down from $60-$100 to about $1. Since the NFTs are interoperable, anyone can later transfer the NFT to a different cryptocurrency such as Ethereum. An exhibition featuring the artworks of Bengal-born artist, Lalu Prasad Shaw, certified using NFTs is on view at <keyword id="11570951" type="COMPANY" weightage="20" keywordseo="terrain-art">Terrain.art</keyword> till July 31. "Terrain.art is delighted to be one of the first blockchain powered platforms in India to register artworks using NFTs, presenting new works and those with prior histories through curated exhibitions," said its founder Aparajita Jain. On the global stage, digital artist Michael Winkelmann or Beeple sold one of his NFT arts for nearly $70 million earlier this year. An NFT artwork by <keyword id="38879" type="COMPANY" weightage="20" keywordseo="NSA">NSA</keyword> whistleblower Edward Snowden was sold for more than $5.4 million in April. <keyword id="6354616" type="COMPANY" weightage="20" keywordseo="Twitter">Twitter</keyword> CEO Jack Dorsey even sold his first tweet as an NFT for over $2.9 million. According to Capgemini's World Wealth Report (WWR), with the current stock market surge, HNWIs are seeking to diversify their portfolio with alternative investments. "Special purpose acquisition companies (SPACs) are becoming more popular, while non-fungible tokens (NFTs) are slowly gaining asset-class credibility," the report noted. <a href="https://forum.businessinsider.in/">For a more in-depth discussion, come on over to Business Insider Cryptosphere</a> — a forum where users can deep dive into all things crypto, engage in interesting discussions and stay ahead of the curve. SEE ALSO: <a href="https://www.businessinsider.in/business/startups/news/aamir-khan-backed-furniture-rental-startup-furlenco-raises-1000-crore/articleshow/84132797.cms">Aamir Khan-backed furniture rental startup Furlenco raises ₹1,000 crore</a> <a href="https://www.businessinsider.in/business/startups/news/info-edge-will-now-only-sell-shares-worth-375-crore-in-zomato-ipo/articleshow/84131589.cms">Info Edge will now only sell shares worth ₹375 crore in Zomato IPO</a> <a href="https://www.businessinsider.in/tech/mobile/news/iphone-wi-fi-bug-could-prevent-you-from-connecting-to-wi-fi-networks/articleshow/84133617.cms">New iPhone Wi-Fi bug could prevent you from connecting to Wi-Fi networks</a>

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WazirX launches NFT marketplace for Indian artists and creators

Rounak Jain

Indian rock band Euphoria set to launch its next album as an NFT

IANS

Priya Malik, Vinay Kaushal, DJ Shaan and others to drop NFTs on India's Independence Day

IANS

Money laundering through NFTs a growing sector: Chainalysis report

IANS

Rich Indians are buying up NFTs to diversify their investments

IANS

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