Indian crypto exchange CrossTower launches NFT marketplace to promote creator economy
The NFT marketplace will offer music, art, movie and sports collectibles, and NFT buyers will have the opportunity to buy NFT drops from the exclusive collection that includes ANI's exclusive news videos featuring PM Narendra Modi, Amitabh Bachchan, Sunil Dutt, Princess Diana, and Sushmita Sen.
On March 29, crypto exchange CrossTower announced the launch of its Non-Fungible Token (NFT) marketplace. In the NFT marketplace, users can exchange NFT drops of IP rights of Hollywood films and other art collections in both fiat and cryptocurrency.
For this, the firm has collaborated collaborate with artists and investors including Antara Hollywood film, Terrain Art, a blockchain-powered global art ecosystem; Shannon Rose, an abstract artist from Miami; Alejandro Glatt, a Tulum-based NFT multidisciplinary artist; ANI, a media newswire; and Mike Boornazian, an actor on HBO and TLC.
Kapil Rathi, CEO and Co-founder of CrossTower said, “In 2022, the global market for NFTs reached billions of dollars. The market is expected to grow to over $80 billion by 2025."
"CrossTower not only provides best-in-class tech infrastructure but also offers an all-encompassing financial ecosystem with its listing, trading, and financing capabilities. CrossTower is well-positioned to grow alongside the NFT sector as it expands worldwide,” he further added.
Rohit Tandon, Head of Product for Blockchain and Emerging Technology at CrossTower, said, “NFT's uniqueness and rapid adoption have created an extraordinary buzz among artists, creators, and their fans. Therefore, we believe, there is a need for a credible NFT marketplace to reach a larger audience as movie actors, cricketers and other artists enter the market. Our collaboration with credible brands is another positive step in the right direction, that will enhance the possibilities for creators and collectors alike.”
"In addition to the increased crypto adoption rate worldwide, the NFT sector is undergoing a significant change and is booming. It has opened doors of opportunity for the creative ecosystem. The CrossTower marketplace also offers the world a direct window to a niche and rare tribal and handicraft art-based NFT collection," he added.
With the launch of the NFT marketplace, traders can buy and sell rare artwork at auctions and these purchases can be made in Ether tokens.
The crypto exchange intends to venture into the sports industry to launch NFT drops and intends to combine the Algorand and Polygon blockchains in the future, making NFT collections more accessible to users.
Currently, there are a few Indian NFT marketplaces including BollyCoin, Colexion, Jupiter Meta, Rarible, Kalamint, and NFTically that offer artists a platform to highlight their art, and in 2021, to promote the creator economy, crypto exchanges including WazirX and BuyUCoin launched NFT marketplace. WaxirX's NFT marketplace is divided into two categories — Spotlight and Discover — which enables the artists to curate and exhibit their work.
Edited by Kanishk Singh