Kraken invests the world of NFTs – Last October, Kraken was fined $ 1.25 million for its violations of the Community Exchange Act (CEA). Fortunately, this time, it’s good news that the exchange has just announced. Indeed, the latter wishes to offer an NFT marketplace on its platform.
Kraken to launch its NFT marketplace
In an interview given to Bloomberg Technology, the CEO of Kraken, Jesse Powell, announced that the exchange is actively working on developing a marketplace reserved for NFT. The platform wants Kraken users to gain exposure to the flourishing NFT market.
This announcement is all in all logical since Kraken is one of the biggest exchanges in terms of transaction volume, and that most of its competitors have already established a foothold in the NFT market. Last June, the exchange Binance has thus launched its own NFT marketplace. The platform was followed by FTX which also launched its NFT marketplace last October.
Finally, Jesse Powell did not given precision about the date output of this feature.
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Kraken finally sees more pros than cons in NFTs
Last September, Kraken had published a report relating to the NFT market in which the exchange exposed the advantages and disadvantages of this sector. In terms of benefits, NFT allow protect the work from an intellectual property perspective. Non-fungible tokens make it possible to guarantee ownership, while facilitating the meeting of supply and demand.
Regarding the downsides, Kraken reveals in its report that NFTs are often digital reproductions of physical works which are therefore devoid of added value. In addition, the replicability apparent permitted by NFTs may be a factor in devaluation of the original work.
Finally, last October, Coinbase has also announced the launch of a sales center specializing in NFTs. The future will tell who, Coinbase or Kraken, will be the first to celebrate their entry into the world of non-fungible tokens.
You have the right to not understand the NFT trend at all. On the other hand, not taking an interest in Bitcoin is unforgivable! Do not wait any longer to prepare for the future by going to register on the Binance platform, THE absolute reference in the sector (affiliate link).