NFT

Kraken operates on the NFT marketplace and will enable the collateralization of NFTs.

Kraken intends to join the NFT bandwagon with its own marketplace, but it also intends to create new sorts of services.

Kraken operates on the NFT marketplace and will enable the collateralization of NFTs.

Jesse Powell, the CEO and founder of the renowned US crypto exchange, stated that the firm is now creating an NFT marketplace. However, he stated that it would include additional features, such as the ability for users to utilize their digital collection as collateral to borrow dollars against.

In a recent interview with Bloomberg, Powell highlighted the company’s objectives, stating that 2021 will be recognized as the year of non-fungible tokens.
Indeed, the demand for such collections has spread well beyond the bitcoin sector, with musicians, athletes, corporations, and even politicians creating digital works of art.

Due to the high demand, other crypto businesses have developed NFT markets, with Kraken aiming to be the next in line. Powell, on the other hand, claims that it will be more than just a platform for buying, selling, or keeping digital art.

“If you deposit a CryptoPunk on Kraken, we want to be able to reflect the value of that in your account. And if you want to borrow funds against that.”

Source: Kraken

Kraken’s CEO also believes that NFTs will exceed their present phase of “speculation” in the coming years, stating that “phase two is going to be buying art and supporting artists, and phase three is going to be functional uses of NFTs.”

Powell also mentioned the recent listing of Shiba Inu, a famous memecoin, on Kraken. He mentioned that such things are conceivable if there is more user demand or if someone as powerful as Elon Musk tweets about it, referencing to his fondness for Dogecoin. He added:

“There’s not incredibly interesting new technology there or anything; it’s just largely community-driven interest. It’s basically a memecoin that has the community’s attention, and sometimes you have to just list those.” 

Patrick

Coincu News

Victor

Recent Posts

BlockDAG Surges Past $170M as BDAG250 Bonus End Countdown Begins – Aave Targets $400 & Solana Shines with Scalability

BlockDAG crosses $170.5M in presale success with BDAG250 bonus and Whitepaper V3 launch! Solana grows…

47 minutes ago

Qubetics Presale Price Surge Approaches: The Best Coins to Invest in Right Now While Toncoin, and XRP Gain Traction

Discover why Qubetics, Toncoin, and XRP are the best coins to invest in right now.…

1 hour ago

Book of Meme Old News? This Best Meme Coin to Invest in 2024 Is Multiplying Gains Like a Champ

Over the years, meme coins have evolved from inside jokes into serious investment opportunities.

2 hours ago

Time’s Ticking on BlockDAG’s 5-Tier Bonus- Few Days Left to Grab It While Cardano Whales Take Action, Aave Rallies Strong

Discover BlockDAG's five-tier bonus program's closing phases that enhance buyer holdings. Gain insights on the…

3 hours ago

Best Altcoins to Buy for 2025: Qubetics Presale Surge, Solana’s Lightning Speed, and Cardano’s Blockchain Revolution

Discover why Qubetics, Solana, and Cardano are redefining the crypto landscape. Learn about milestones, price…

4 hours ago

Why Qubetics, NEAR Protocol, and IMX Are Dominating Crypto: The Best Altcoins to Join Today for Game-Changing Returns 

Discover why Qubetics, NEAR Protocol, and Immutable X are the best altcoins to join today,…

6 hours ago

This website uses cookies.