In a shocking development, Indian cryptocurrency exchange WazirX announced the closure of its <\/span>WazirX NFT marketplace<\/span><\/a>\u00a0on Friday, February 24. According to the company, the decision came as a result of \u201clow volume and traction.\u201d The sudden closure sparked outrage among NFT artists, with some vowing to boycott future products from the co-founders, Nischal Shetty and Sandesh Suvarna.\u00a0<\/span><\/p>\n Here\u2019s all you need to know about the WazirX NFT marketplace\u2019s closure:<\/span><\/p>\n In a Twitter thread on Friday, the WazirX NFT marketplace wrote about its decision to close down the platform.\u00a0<\/span><\/p>\n \u201cTo all the creators and collectors of WazirX NFT Marketplace, we regret to inform you that our platform has closed due to low volume and traction,\u201d<\/em> the company wrote. It further claimed that in the past 30 days, the platform saw only 354 transactions, generating a volume of $112.24. From this, only about $6 was collected in total platform fees. Besides, the site added only 71 unique active wallets during this period.<\/span><\/p>\n \u201cWe created a safe and secure marketplace where creators could showcase and trade their unique digital assets,\u201d<\/em> WazirX wrote in a <\/span>blog post<\/span><\/a>. \u201cNFTs are decentralised, and owners have complete control over their assets\u2026 Our users can rest assured that they can continue to hold their NFTs in their wallets, and these can be sold in other marketplaces such as <\/em><\/span>OpenSea<\/span><\/a>.\u201d<\/span><\/em><\/p>\n For months now, WazirX NFT marketplace\u2019s official Twitter account has been inactive. In fact, before the announcement, its last post was in mid-October last year. Apparently, the team was even unaware of a Cloudflare error on the site until community members raised the issue.\u00a0\u00a0<\/span><\/p>\n Post the announcement, the NFT artist community criticised WazirX for its sudden decision, without consulting any of the stakeholders. For many of the artists on the platform, the announcement came as a shock.\u00a0<\/span><\/p>\n Vimal Chandran, a multidisciplinary visual artist from India, wrote: \u201cA little disappointed in the way @WazirXNFT ended things abruptly!!\u201d<\/em><\/span><\/p>\n \u201cI will avoid any-place where these guys are present @sandeshsuvarna @jbsahani,\u201d<\/em> added photographer Arijit Mondal. \u201c90% of the creators got demotivated and left the NFT space. 50% of collectors did the same. I am stuck with 140+ collected NFTs myself.\u201d<\/em><\/span><\/p>\n Several artists have also accused the marketplace of being a rug pull. However, co-founder Nischal Shetty refuted the claims, saying, the \u201cNFTs have always been under self custody of those participating.\u201d<\/em><\/span><\/p>\n WazirX has said it will keep the NFT marketplace website in the archive for the next 20 days. Artists and creators can also trade their NFTs on marketplaces that support the BNB blockchain. Meanwhile, some community members have also suggested that the team help members to set up a decentralized autonomous organization (DAO) around WazirX.\u00a0<\/span><\/p>\n So, we have to wait and see how the NFTs will perform on other NFT marketplaces. After all, WazirX largely catered to the Indian NFT community.\u00a0<\/span><\/p>\n Get our free, 5 minutes daily newsletter. Join 25,000+ NFT enthusiasts & stay on top \ud83d\udc4a\ud83c\udf1a<\/p>\n<\/div>\n<\/div>\n![\"homepage](\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/02\/WazirX-scaled-1-scaled.jpg.webp)
\n<\/picture>\n<\/noscript>WazirX Shuts Down its NFT Marketplace: Here\u2019s why<\/b><\/span><\/h2>\n
How has NFT Twitter Reacted?<\/b><\/span><\/h2>\n
![\"NFT](\"https:\/\/nftevening.com\/wp-content\/uploads\/2023\/02\/Twitter.jpg.webp)
\n<\/picture>\n<\/noscript>What Happens Now?<\/b><\/span><\/h2>\n
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