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Cryptocurrency exchange Zebpay, which claimed to have a user base of over 3 million in India, is now exploring wider opportunities in the cryptocurrency market, such as digital collectibles.
With the launch of a new market called Dazzle, Zebpay has chosen to expand into the non-fungible token space. NFTs are unique but marketable blockchain assets, which can be used to represent all types of virtual and real-world assets.
NFTs are different from cryptocurrencies in that they can carry unique metadata and vary in their degree of rarity. They are becoming increasingly popular for tokenization of different markets such as video game items, digital art and fantasy sports.
A representative from Zebpay told Cointelegraph that the exchange is looking to promote blockchain involvement beyond cryptocurrencies among India’s 5 million active crypto investors. In areas such as the digital art market, the exchange believes NFTs can offer Indian artists new opportunities to protect their digital copyrights and monetize their work. The rep further noted that the global NFT market has now reached $ 100 million in total and growing value, making it a promising industry.
For now, the market is launching with Zebpay’s native NFT, called Dazzle. The Zebpay rep said the exchange plans to distribute tokens to members through various programs:
“We’ll start with reward tokens that offer zero sign-up or negotiation fees – some to our most loyal and active members, some as random flips, and others through fun contests. We’ll probably never sell them. We want to seed the ecosystem and let ours. members cultivate it organically. If they want to trade their NFTs, they can. ”
As reported, a wide range of franchises, from top football clubs to Formula 1, are increasingly recognizing branded digital collectibles, NFT auctions, and other blockchain-based ecosystems as efficient means of monetizing fan engagement and building markets. for online viral phenomena and trends.
Blockchain developers such as Vitalik Buterin have long identified these diverse applications as a potential path for technology to gain traction across more diverse markets, beyond retail and professional digital asset trading.
