What is WazirX Nano NFT and how it helps creators save money while launching collections – Explained – The Financial Express

what-is-wazirx-nano-nft-and-how-it-helps-creators-save-money-while-launching-collections-–-explained-–-the-financial-express

WazirX Nano NFT: WazirX NFT marketplace is trying to solve this problem with ‘Nano NFT’, which was introduced recently.

Launching an NFT collection is a costly exercise as creators have to mint every single piece separately and then move them to the collection folder. However, WazirX NFT marketplace is trying to solve this problem with ‘Nano NFT’, which was introduced recently. With Nano NFT, WazirX aims to revolutionise the entire process of creating NFT collections for individual creators. 

“Nano NFT is probably one of the latest use cases of blockchain technology. Individual creators are faced with a great deal of burden while creating 100/500/1k/5k/10k NFT projects, but with Nano NFT, WazirX NFT marketplace makes it simpler, faster, and easier to create such big scale collections,” Sandesh Suvarna, VP, WazirX NFT Marketplace, told FE Online. 

Suvarna further said that Nano NFT is a first of its kind initiative by WazirX NFT to help creators set up their own smart contracts. It is primarily for people who are launching collection. 

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“Before this update, creators  faced a lot of problems because if someone has 100 NFTs, it needs to be minted 100 times and moved 100 times into the collection folder.  Also, creators need to pay gas fees for every NFT that they mint. Nano NFTs change the game for creators by making the entire process of minting NFTs more seamless, less tedious and technical,” Suvarna said. 

“Now, creators need to pay gas fee once only for setting up the smart contract and they can launch any number NFTs as per their project size. In the Nano NFT flow, the gas fees for minting is paid by the collector making it more accessible for the creator economy,” he added. 

WazirX NFT in numbers

According to Suvarna, there are 1923 creators on WazirX NFT marketplace while the total number of NFTs minted by artists on the platform is 33,303. As many as 20,989 NFTs have been sold on the platform while the value of the net NFT sales on the platform in WazirX native token is 69,2988.9. The price of WRX in Indian rupee at the time of writing this report was Rs 50.85.

How to launch NFT collection on WazirX? 

Currently, creators can connect with the NFT community on WazirX NFT Discord where over 9000 creators and Collector hangout. They can ask for an invite from the community as the marketplace is invite only now.

To create an NFT with WazirX NFT, first go to the ‘Create NFT’ page. Upload your artwork in the specified formats. Enter the title, description, royalty and the price of the NFT. Then click “Submit form”.  

Following is a step-by-step guide for creating a collection on the WazirX NFT Marketplace, and deploying your own smart contracts:

  • Create a collection by selecting the option and entering all the details on the create collection page.
  • Enter the Name and Description of your collection.
  • Connect with your socials. (optional)
  • Click on “deploy your own smart contract” and click to Continue.
  • Enter your contact details 
  • You can then select whether you want the collection to be a Revealable or a non Revealable contract.  After creating your collection, you can now start minting NFTs for your smart contract.

Who should create Nano NFT? 

The Nano NFT initiative gives creators an enormous amount of power, giving them full ownership over their collections, so they can take them to wherever they want.  

“Creators of NFT are usually unaware of the factors that prevent them from launching their projects. Cost is the first consideration, so a 10-k project will need a six-figure budget if it’s to grow. But with Nano NFTs, creators will  have their own website so people can claim and release NFT because of their own smart contract in which they can even design the NFTs based on traits and the rarest features,” said Suvarna.

Nano NFT Benefits

  • Smart Contracts can be deployed with a single click.
  • An overview of the road map and minting process.
  • Active support for an existing community of NFT users.

How WazirX is handling duplicity issue

Suvarna said that WazirX NFT marketplace operates on the ‘invite only’ principle for artists and creators from India and other parts of South-East Asia. 

“We handpick artists to ensure robust quality control and a credible platform with exclusive NFT art. Our team carefully vets applications when selecting spotlight artists. Vetting is based on well-defined consideration criteria. We are constantly working on updates to make sure that the problem of duplicity is resolved,” Suvarna said. 

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“Art creators with strong social currency, who have consistently delivered value over the years and are willing to drop original artwork only on the WazirX platform are chosen,” he added. 

WazirX NFT recently introduced the referral feature where one artist and refer other artist from the community on the platform. 

(NFTs and cryptos are unregulated assets in India. Investing in them could lead to losses. Please consult you financial advisor before investing in NFTs)

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