Zebpay cryptocurrency exchange, which claims to have a user base of over 3 million users in India explores broader crypto market opportunities such as digital collectibles.
With the launch of a new market called Dazzle, Zebpay decided to expand into the non-fungible token space. NFTs are unique but tradable blockchain assets that can be used to represent all types of virtual and real goods.
NFTs differ from cryptocurrencies in that they can contain unique metadata and differ in their degree of rarity. They are becoming increasingly popular to mark markets as diverse as video game items, digital art, and fantasy sports.
A representative from Zebpay told Cointelegraph that the exchange is looking to boost blockchain engagement among India’s 5 million active cryptocurrency investors beyond cryptocurrencies.. In areas such as the digital art market, the exchange believes that NFTs could offer Indian artists new opportunities to protect their digital copyrights and monetize their work. The representative also noted that the global NFT market is now valued at $ 100 million and growing, making it a promising sector.
The market is currently starting with Zebpay’s native NFT called Dazzle. The Zebpay representative said the exchange plans to distribute tokens to members through various programs:
“We start with reward tokens that offer no membership or trading fees – some for our most loyal and active members, some as random drops of air, and some through fun contests. We probably never sell them. We want to sow the ecosystem and let our members grow it organically. If you want to swap your NFTs, you can. “
As reported Branded digital collectibles, NFT auctions, and other blockchain-based ecosystems are increasingly recognized by a variety of franchises, from top football clubs to Formula 1, as an efficient means of monetizing fan engagement and building markets for viral Phenomena and trends online.
Blockchain developers like Vitalik Buterin have long identified these diverse applications as a potential avenue for the technology to gain a foothold between more diverse markets beyond retail and professional digital assets.