Wazir of the NFT market
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NFTs are unique and considered a “digital asset” that represents something tangible like a car or a house. NFTs can be used to represent a digital copy of a piece of art, game items, tickets, etc.
Nischal Shetty, Managing Director, WAZIR X
WazirX was founded to provide Crypto and NFT access to millions of Indians. The company has worked to create a robust platform that will support customers and boost their Crypto and NFT journey with the aim of getting users of various age groups and backgrounds to experience the landscape.
The target group was dominated by curious, tech-savvy enthusiasts, who have only had access to traditional possessions over the years. The company created a simple platform with easy-to-understand features, one that would keep users coming back, and also get them to refer them to others in their network.
They launched a certificate course on blockchain technology which saw good traction with participants from all states of India. To recognize the outbreak of criminal activities in this area, they also conducted training sessions with state police departments, cyber crime cells and other law enforcement agencies.
According to Shetty, Wazir X is at the forefront by paying close attention to user feedback to improve its services and offerings. They also monitor the latest developments in the landscape and adjust the same with the platform. They have a dynamic token listing process along with a large community that they regularly engage with through various channels.
When asked what was their biggest challenge? Shetty responded: “Lack of adequate awareness in the space that often leads to an environment of mistrust, especially in market bear cycles.”
Technology is a difficult but interesting field and there is a cycle of innovation that is always going on. There are also challenges such as investments, constant upgrades to meet users’ requirements 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 rather than just chasing the fastest way to profitability. As a result, many of their projects provide value through their business models. This change in strategy is what has given this Indian startup landscape a huge boost and global recognition.
