WazirX NFT Marketplace Demise Stirs Controversy
The crypto community has lashed out at WazirX’s unannounced shutdown of its non-fungible token (NFT) marketplace.
WazirX faced the wrath of the artist community after they decided to lick the NFT market without consulting stakeholders. The frustrated community members lashed out and said they would boycott future products from co-founders Nischal Shetty and Sandesh Suvarna.
WazirX announced the closure of the marketplace due to low volume and traction. The platform further claimed that in the last month there were only 71 unique active wallets, 354 transactions and a volume of around $112.
The platform had already been shut down days before Friday’s Twitter announcements. When the community discovered the sunset message on the website, they criticised 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 pranked them. It is worth noting that she raised INR 400,000 ($4,820) for Assam flood relief through WazirX NFT Marketplace.
Manish Patolean NFT artist who has been on the platform since the early days told BeInCrypto that the team was not even aware of a Cloudflare error on the website before the community pointed it out. Patole adds that the co-founders should respond to the community through an Ask Me Anything (AMA) session.
NFT artist BusiBeast proposed that the WazirX team will help the community form a Decentralized Autonomous Organization (DAO) around the platform. He ran a poll where 77.5% of community members showed interest in the DAO formation.
Co-founder Shetty clarified on Twitter that the platform’s shutdown is not one carpet cover because NFTs are always in the participants’ custody. But some artists think they have been abandoned.
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Disclaimer
BeInCrypto has reached out to the company or person involved in the story for an official statement on the latest development, but has yet to hear back.
