Cryptocurrency exchange Zebpay, which has claimed to have a user base of over 3 million in India, is now exploring broader crypto market opportunities, such as digital collectibles.

With its launch of a new market called Dazzle, Zebpay has chosen to expand into the nonfungible token space. NFTs are unique simply tradeable blockchain assets, which can be used to correspond all manner of virtual and real-world goods.

NFTs are unlike cryptocurrencies in that they can carry unique metadata and vary in their degree of rarity. They are increasingly condign popular for tokenizing markets as various equally video game items, digital art and fantasy sports.

A Zebpay representative told Cointelegraph that the substitution is seeking to promote blockchain engagement beyond cryptocurrencies among India'southward 5 million active crypto investors. In areas such every bit the digital art market, the substitution believes NFTs could offer Indian artists new opportunities to protect their digital copyrights and monetize their piece of work. The representative farther noted that the NFT global marketplace has now hit $100 million in full value and growing, making it a promising sector.

For now, the marketplace is launching with Zebpay's native NFT, called Dazzle. Zebpay's representative said that the exchange plans to distribute tokens to members through diverse programs:

"We'll start with reward tokens offer zero membership or trading fees: some to our most loyal and agile members, some as random airdrops, and some through fun contests. We probably will never sell them. We want to seed the ecosystem and let our members abound it organically. If they want to trade their NFTs, they can."

As reported, a broad range of franchises, from top soccer clubs to Formula 1, are increasingly recognizing branded digital collectibles, NFT auctions and other blockchain-based ecosystems as efficient means to monetize fan engagement and construct markets for online viral phenomena and trends.

Blockchain developers such as Vitalik Buterin take long identified these various applications as a potential route for the technology to proceeds traction among more than varied markets, beyond retail and professional digital-asset trading.