Jesse Powell, founder, and CEO of Kraken has revealed his crypto exchange plans to support non-fungible tokens (NFTs).
Powell believes NFT market will continue to grow
Powell commented on NFTs in an interview with Bloomberg’s Emily Chang on Tuesday: “We are working on an NFT platform right now to give investors exposure to the burgeoning NFT market.” Powell explained that Kraken has seen tremendous activity in NFTs related to digital communities and metaverses recently and that he believes the NFT market will continue to grow.
In September, Kraken released a research report stating that NFTs are responsible for 49% of the gas burned, making them the “main attraction on Ethereum.” Kraken also recently published a broader technology overview to educate its users about NFTs.
Not the first crypto exchange to dive into NFTs
Other crypto exchanges have already launched NFT marketplaces. Binance launched its NFT marketplace in June. FTX launched its NFT marketplace in October and expanded support for Ethereum NFTs this month. Coinbase has also announced an upcoming NFT marketplace with more than 1.5 million users signed up, Blockchain.com announced their NFT marketplace and Huobi also launched a trial for its own NFT platform in November.
While many crypto exchanges are looking to get into NFTs, the largest NFT marketplace is OpenSea. It will be interesting to see if market participants move to other options like Coinbase and FTX or continue to trade on the NFT platform. With Kraken also setting up its marketplace, OpenSea has another significant competitor.