Cryptocurrency exchange ZebPay announced that it plans to launch a non-fungible token called Dazzle. NFT is a crypto token that is not mutually interchangeable, but they are tradable and can be used to represent real-world and virtual goods.
ZebPay introduces non-fungible token for its users
Following the launch, ZebPay is expanding into the NFT space to offer over 3 million users base in India market opportunities like virtual collectibles. Dazzle will confer rewards to users such as lower fees in the ZebPay platform and discounts from partners like streaming services, e-commerce retailers, food delivery, and others. Unlike cryptocurrencies, NFTs carry unique metadata, and they vary in their level of rarity. However, they are becoming increasingly popular for tokenized markets such as fantasy sports, digital art, and video games.
ZebPay CEO Rahul Pagidipati said that they had launched Project Dazzle, which will create a one-of-a-kind digital collectible, NFT. The NFTs will be given to users through different programs. Rahul said that NFTs differ from other cryptocurrency tokens because of their rarity. Interestingly their value can grow not just because of demand but because it can acquire properties and benefits with time. Rahul said that investors could choose to sell or hold their NFTS.
ZebPay seeking to leverage opportunities in the NFT market
A representative of the exchange said they seek to boost blockchain engagement beyond crypto among 5 million cryptocurrency investors in India. ZebPay believes NFTs will help grow the digital art market by offering artists new opportunities to monetize their work and protect digital copyrights. Currently, the NFT global market is valued at around $100 million, and it keeps growing.
The exchange will offer Dazzle tokens as rewards or trading fees to its loyal and active users and as random airdrops or through fun contests. A representative said that the exchange would not sell the tokens, and they want to seed the platform to let members grow it organically. Members can decide what to do with the token they get, which they can trade if they want.