WazirX NFT Marketplace

The prolonged crypto market winter continues to strike down non-fungible tokens and crypto projects. WazirX, the Indian crypto exchange, is the latest to shut down its non-fungible token market platform over the harsh market condition.

WazirX Shuts Its NFT Marketplace

In a February 22 site publication, the Indian crypto exchange WazirX announced that it has stopped offering trading services on the platform, citing the recent crypto market winter. The cryptocurrency exchange explained:

“The WazirX NFT marketplace has been sunseted. You can still trade your NFTs on OpenSea NFT Market platform.”

The Indian crypto exchange WazirX began suffering last year after the country imposed new taxes on crypto transactions. The hostile tax regime and the recent prolonged crypto market winter have largely contributed to WazirX’s downfall.

It’s worth noting WazirX has been in dispute with Binance over the ownership of Zanmai Labs, a company co-founded by Nischal Shetty, the founder of WazirX. The disagreement started in August 2022 and might have also attracted a bad reputation for the firm.

Other NFT Projects Impacted By NFT Winter

The Indian crypto exchange joins the growing list of NFT projects that have fallen victim to the hostile bear market. Last week, Magic Eden, the digital marketplace for Solana NFTs, announced laying off 22 staff as part of its restructuring plan amid the crypto winter.

Last month, SuperRare Labs, the parent company behind NFT marketplace SuperRare, announced slashing 30% of its staff in its workforce. The NFT marketplace cited the recent crypto market winter, which began spreading across the Web3 ecosystem since last year.

Other prominent crypto and non-fungible token-based companies, including Huobi, Coinbase, Luno, Blockchain.com, and Crypto.com, have also announced shedding off their staff members over the same market concerns.

Fight Out - Next Big Train-to-Earn Crypto

Our Rating

Fightout token
  • Backed by LBank Labs, Transak
  • Earn Rewards for Working Out
  • Level Up and Compete in the Metaverse
  • Presale Live Now - $5M Raised
  • Real-World Community, Gym Chain
Fightout token