Zebpay is launching a nonfungible token marketplace in India

Crypto exchange Zebpay aims to create an ecosystem for digital collectible fans in India.

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

With its launch of a new marketplace called Dazzle, Zebpay has chosen to expand into the non-fungible token space.

NFTs are unique but tradeable blockchain assets, which can be used to represent all manner of virtual and real-world goods.

A Zebpay representative told Cointelegraph that the exchange is seeking to promote blockchain engagement beyond cryptocurrencies among India's 5 million active crypto investors.

In areas such as the digital art market, the exchange believes NFTs could offer Indian artists new opportunities to protect their digital copyrights and monetize their work.

The representative further noted that the NFT global market has now hit $100 million in total value, and growing, making it a promising sector.

For now, the marketplace is launching with Zebpay's native NFT, called Dazzle.

As reported, a wide 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 have long identified these diverse applications as a potential route for the technology to gain traction among more varied markets, beyond retail and professional digital asset trading.