- WazirX was suffering from the cold season and decided to close the marketplace.
- The company had been facing losses after the crypto taxation applied by the government.
- Solana, SuperRare, and many other marketplaces are reducing their workforces.
The persistent crypto market winter is still wreaking havoc on non-fungible tokens and digital money initiatives. The Indian cryptocurrency exchange WazirX is the newest to close its NFT market platform because of unstable market conditions. WazirX announced this news with regret about closing their NFTs Marketplace as it didn’t gain much attraction.
WazirX launched its marketplace website in June 2021. On February 22, 2023, they announced the shutdown. The cryptocurrency exchange elaborated. The WazirX NFT free market has been decommissioned. Users can continue to trade NFTs on the OpenSea NFT Market platform.
WazirX, an Indian cryptocurrency exchange, started experiencing losses last year after the country applied new taxes on cryptocurrency transactions. WazirX’s demise has been largely attributed to the hostile taxation system and the recent continuous crypto market cold weather.
WazirX has been at odds with Binance over the entitlement of Zanmai Labs, a company co-founded by WazirX founding member Nischal Shetty. The dispute began in August 2022 and may have earned the business a bad reputation.
WazirX built a reliable and comfortable e-commerce platform for creators to display and exchange their one-of-a-kind digital assets. Because NFTs are decentralized and owners have entire authority over their assets, they have grown in popularity. Their users can absolutely guarantee that they are able to keep their NFTs in their wallets and sell them on other e-commerce platforms, such as OpenSea.
The Indian cryptocurrency exchange adds to the growing number of NFT projects that have succumbed to the market crash. Magic Eden, the virtual e-commerce platform for Solana NFTs, announced the layoff of 22 employees. SuperRare Labs has proclaimed a 30% reduction in its workplace. Other notable crypto and NFT businesses, such as Huobi, Coinbase, and others, have also declared layoffs due to market issues.