ZebPay To Launch Non-fungible Crypto Token In India
The token will give rewards to its userbase, such as lower fees on its platform as well as discounts from partners such as e-commerce retailers, streaming services, and food deliveries, among others
Bitcoin and crypto asset exchange ZebPay on Monday at its quarterly board meeting announced its plan to launch a non-fungible token (NFT) and named it Dazzle.
A non-fungible tokens (NFT) is a cryptographic token and are not mutually interchangeable. The token will confer rewards to the owner, such as lower fees on its platform as well as discounts from partners such as e-commerce retailers, streaming services, food deliveries, among others.
"We have announced project Dazzle, which will generate NFT, one-of-a-kind digital collectibles. These will be given out to members through various programs. The difference between a conventional crypto token like Bitcoin, Ether, or Ripple and non-fungible tokens is its rarity and uniqueness. It can grow in value not just because the 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," remarked ZebPay chief executive officer Rahul Pagidipati, while speaking on the launch.
The interest in digital art or digital certifications of ownership and provenance of physical art is growing. Like other NFTs including the famous CryptoKitties, each Dazzle token will have exclusive property.
"This year, the global NFT market hit $100 million in total value and is expected to grow exponentially. It is being compared to the time when Bitcoin first reached the $100 million milestones and then exploded." Pagidipati further added.
The company claims that this new asset type can benefit investors, artists, gamers, collectors, and creators of any distinctive and valuable digital content. They further maintain that NBA basketball issues NFTs to their fans which contain video clips and other relative information about their favorite players and teams.
According to a recent survey conducted by the establishment, it is been found that two-thirds of all Indian crypto investors bought their first bitcoin on ZebPay. Its members can invest in Bitcoin, Ethereum, and other crypto assets, trading both crypto-fiat and crypto-crypto pairs.
Founded in 2014, the company stands tall with over 3 million users and $3 billion worth of transactions.