Non-fungible tokens (NFT) arecryptographic tokens that represent something unique and are not mutually interchangeable.
ZebPay, the country’s oldest Bitcoin and crypto asset exchange, at its quarterly board meeting announced the launch of a non-fungible token (NFT), named ‘Dazzle’. Non-fungible tokens (NFT) are cryptographic tokens that represent something unique and are not mutually interchangeable.
“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.” Mr. Rahul Pagidipati, CEO at ZebPay said at the launch,
Mr Pagidipati added that this year, the global NFT market hit $100 million in total value and is expected to grow exponentially.
Each Dazzle token will confer rewards to owners, such as lower fees on the ZebPay exchange and discounts from partners such as e-commerce retailers, food deliveries and streaming services. Since they are based on smart contracts built on the Ethereum network, Dazzle NFTs will gain new properties over time and give greater membership benefits to the owners. Generating new tokens from pairs of existing ones will also be possible.
In 2018, the RBI had banned crypto transactions after a series of frauds in the months following Prime Minister Narendra Modi’s decision to ban 80 per cent of India’s currency. Cryptocurrency exchanges responded with a lawsuit in the Supreme Court, winning respite in March 2020.