WazirX NFT Marketplace Demise Sparks Controversy

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The cryp­to com­mu­ni­ty has lashed out at the WazirX’s unan­nounced clo­sure of its non-fun­gi­ble token (NFT) marketplace 

WazirX faced the wrath of the artist com­mu­ni­ty after it decid­ed to sun­set the NFT mar­ket­place with­out con­sult­ing stake­hold­ers. The frus­trat­ed com­mu­ni­ty mem­bers lashed out, say­ing they would boy­cott future prod­ucts from the co-founders Nis­chal Shet­ty and Sandesh Suvarna.

WazirX announced the clos­ing down of the mar­ket­place due to low vol­ume and trac­tion. The plat­form fur­ther claimed that in the past month, there were only 71 unique active wal­lets, 354 trans­ac­tions, and a vol­ume of some $112.

The plat­form was already shut­tered days before Friday’s Twit­ter announce­ments. When the com­mu­ni­ty dis­cov­ered the sun­set mes­sage on the web­site, they crit­i­cized the team for not main­tain­ing prop­er communication.

Sim­ran Hazra, an artist on WazirX, told BeIn­Cryp­to that she finds it “hard to believe” that the plat­form ghost­ed them. It is worth not­ing that she raised INR 400,000 ($4,820) for Assam flood relief through the WazirX NFT Marketplace.

Man­ish Patole, an NFT artist who has been on the plat­form since its ini­tial days, told BeIn­Cryp­to that the team wasn’t even aware of a Cloud­flare error on the web­site before the com­mu­ni­ty point­ed it out. Patole adds that the co-founders should answer the com­mu­ni­ty through an Ask Me Any­thing (AMA) ses­sion.

NFT artist Busi­Beast sug­gest­ed that the WazirX team should help the com­mu­ni­ty to form a decen­tral­ized autonomous orga­ni­za­tion (DAO) around the plat­form. He ran a poll where­in 77.5% of com­mu­ni­ty mem­bers showed inter­est in the DAO formation.

The co-founder Shet­ty clar­i­fied on Twit­ter that the platform’s shut­down is not a rug pull because NFTs are always in the cus­tody of par­tic­i­pants. But, some artists believe they have been aban­doned.

Source: Twit­ter

Got some­thing to say about the WazirX NFT mar­ket­place or any­thing else? Write to us or join the dis­cus­sion on our Telegram chan­nel. You can also catch us on Tik­Tok, Face­book, or Twit­ter.

For BeInCrypto’s lat­est Bit­coin (BTC) analy­sis, click here

Disclaimer

BeIn­Cryp­to has reached out to com­pa­ny or indi­vid­ual involved in the sto­ry to get an offi­cial state­ment about the recent devel­op­ments, but it has yet to hear back.



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