Friday, May 20, 2022

An IITian Alumnus Launches NFTically Platform For Selling NFTs

Toshendra Sharma, an Indian Institute of Technology (IIT) alumnus, recently launched a platform called NFTically, for the NFT artists to set up their shop. Also, while purchasing an NFT from the platform the customers would have to pay lower gas fees for the transaction. 

NFTically platform was launched on July 20 with an aim of democratizing the NFT marketplace. Polygon Matic CEO, Jayanti Kanani had invested in the company during the seed funding round. 

Sharma released a public statement, specifying that although he has introduced an NFT marketplace, NFTically, it does not mean the company would be competing with WazirX’s NFT platform, which was introduced last month.

“We love what WazirX has done. We love what ZebPay has done. They’re doing a wonderful job. We just want to be a system that adds value. We’re not competing against them,” said Sharma.

WazirX Launches Few Exclusive Artists

WazirX, the leading crypto trading platform in India, allows only exclusive artists to launch the collectibles on its NFT platform. While on the other hand, NFTically’s aim is to pump up volume and transactions. 

Sharma further said, “We are focusing on adoption and use cases through the customer’s own marketplace.”

As per the report, this newly introduced NFT platform allows the customers to mint new NFTs and set up their own marketplace. In order to buy/sell an NFT, it is not important for the user to make a substantial investment or cost, they should just have a minimum amount of cryptocurrency in the wallet.

Notably, any individual interested in selling an NFT is allowed to list their products on the platforms without having to compromise on intellectual property rights. 

KYC Not Important For NFTically

Although NFTically did not oblige the users to complete their KYC, it would flag them, if they get involved in any suspicious activity on the platform. 

“There is no KYC needed because that’s how the Ethereum blockchain system works,” said Sharma. “If we find anything suspicious, or something wrong, we may ask you for the KYC. For now, we’re keeping it open.”

According to an announcement, any users around the world, except for the ones who are flagged by the Financial Action Task Force (FATF) for money laundering, are allowed to use the platform for buying and selling digital collectibles.

One of the most important features that NFTically claims is that it would not get affected if the Indian government make some changes in the regulations. This is because, because the platform does not convert the Indian currency to cryptocurrency.

“The Indian government’s regulations are more for exchanges,” said Sharma.

The users are allowed to mint an NFT on three of the blockchain platforms, including, Polygon, Ethereum and the Binance Finance Coin. Also, if the person does not own any cryptocurrency then he/she can buy it with VISA and Mastercard. 

It has been mentioned that the NFT related transactions are not handled by the banks, but by external entities.

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