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India’s leading bitcoin and cryptocurrency exchange platform, Zebpay has announced its plan to launch a non-fungible token (NFT) named Dazzle in India.
Speaking about the launch, Mr. Rahul Pagidipati, CEO at ZebPay said, “We have announced project Dazzle, which will generate non-fungible tokens, one-of-a-kind digital collectibles. These will be given out to members through various programs. The difference between a conventional (fungible) 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.”
“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 added.
The interest in digital art (or digital certifications of ownership and provenance of physical art) is growing tremendously. Like other NFTs including the famous CryptoKitties, each Dazzle token will have unique properties.
It will also confer rewards to the owner, such as lower fees on the ZebPay exchange as well as discounts from partners such as e-commerce retailers, streaming services, food deliveries, etc.