Zebpay, India’s oldest cryptocurrency exchange, is now exploring broader crypto market opportunities, such as digital collectibles.
It has been reported that with its launch of a new marketplace called Dazzle, Zebpay has chosen to expand into the nonfungible token space.
However, NFTs are unique but tradeable blockchain assets that can be used to represent all manner of virtual and real-world goods. NFTs are unlike cryptocurrencies in that they can carry unique metadata and vary in their degree of rarity. They are increasingly becoming popular for tokenizing markets as diverse as video game items, digital art, and fantasy sports.
A Zebpay representative said that the exchange is seeking to promote blockchain engagement beyond cryptocurrencies among India’s 5 million active crypto investors. In areas such as the digital art market, the exchange believes NFTs could offer Indian artists new opportunities to protect their digital copyrights and monetize their work.
Crypto exchange Zebpay thinks nonfungible tokens can be popularized among Indian #crypto enthusiasts https://t.co/lFVbTBuY2S — Cointelegraph (@Cointelegraph) November 10, 2020
The representative further noted that the NFT global market has now hit $100 million in total value and growing, making it a promising sector.
For now, the marketplace is launching with ZebPay’s native NFT, called Dazzle.
Thus, the representative said:
“We’ll start with reward tokens offering zero membership or trading fees: some to our most loyal and active members, some as random airdrops, and some through fun contests. We probably will never sell them. We want to seed the ecosystem and let our members grow it organically. If they want to trade their NFTs, they can.”