Nischal Shetty: The Wazir Of the NFT Market NFT are unique and considered a "digital asset" that represents something tangible like a car or house. NFTs can be used to represent a digital copy of a piece of artwork, game items, tickets, etc.
By Kavya Pillai
You're reading Entrepreneur India, an international franchise of Entrepreneur Media.
NFT are unique and considered a "digital asset" that represents something tangible like a car or house. NFTs can be used to represent a digital copy of a piece of artwork, game items, tickets, etc.
WazirX was founded to provide Crypto and NFT access to millions of Indians. The company has worked towards creating a robust platform that will support customers and give their Crypto and NFT journey an impetus with the aim to have users of different age groups and backgrounds experience the landscape.
The target audience was dominated by curious, tech-savvy enthusiasts, who have had access to only traditional assets over the years. The company made a simple platform with easyto-understand features, one that would keep users coming back, and also make them refer them to others in their network.
They launched a certificate course on blockchain technology which saw some good traction with participants from all states of India. Recognizing the onset of criminal activities in this space, they also conducted training sessions with state police departments, cyber crime cells, and other law enforcement agencies.
According to Shetty, Wazir X stays ahead of the curve by paying close attention to users' feedback for improving the services and offerings. They also monitor the latest developments in the landscape and align the same with the platform. They have a dynamic token listing process along with a large community whom they engage with regularly through various channels.
When asked what was their biggest challenge? Shetty replied, "Lack of sufficient awareness in the space which often leads to an environment of mistrust, especially in the bear cycles of the market."
Technology is a tricky yet interesting field and there is a cycle of innovation that's always running. There are also challenges such as investment, constant upgrades to meet user demands, and changing market scenarios. Wazir X believes that building an impact is not easy but there has been a shift in the approach of tech startups to focus on growth and scalability instead of just chasing the fastest way to become profitable. As a result, many of their projects offer value through their business models. This change in strategy is what has given this Indian startup landscape a massive boost and global recognition.
