Zebpay announced the launch of India’s first non-fungible crypto token and marketplace.
Zebpay remained the oldest Bitcoin and crypto asset exchange in India but was halted after India’s central bank decided to ban crypto payments in banks. Nevertheless, this decision was overturned by the Supreme Court ruling this year, many exchanges who bowed out came back in. Zebpay has been one of these exchanges.
To increase the dominance in the evolving Indian crypto market, Zebpay is now on its way to becoming the first crypto exchange in the country to launch an NFT named Dazzle. Unlike cryptocurrencies, NFTs are cryptographic tokens that represent something unique and are not interchangeable. The CEO of Zebpay, Rahul Pagidipati, also highlighted these differences while elaborating on Dazzle’s details.
Pagidipati noted:
“We have announced project Dazzle, which will generate non-fungible tokens, one-of-a-kind digital collectibles. These will be given out to members through various programs. The difference between a conventional (fungible) crypto token like Bitcoin, Ether, or Ripple and non-fungible tokens is its rarity and uniqueness. It can grow in value not just because demand for it grows, but also because it can acquire new properties and benefits over time. Investors can either hold their NFTs or sell them.”
This year has been driving growth in terms of crypto in the country. A recent report says that India’s P2P volume had been moving close to China and is prepared to breach it, to become the most significant Asian country in P2P work. The exponential global growth of the NFT market that hit $100M in value will also be a point of interest for Indian crypto traders.
Every Dazzle token will provide rewards to its users like low fees on the exchange and similar discounts from partners. Based on the smart contracts built on Ethereum, Dazzle tokens will gain new properties in time and give more significant membership benefits to the owners. The users will also be capable of making new tokens from pairs of existing ones.
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