Kraken plans to launch an NFT platform ‘in the very near future’

Kraken plans to launch AN NFT platform ‘in the terribly close to future’
Crypto exchange Kraken is functioning on a platform to support non-fungible tokens (NFTs).

"NFTs are a fast-moving house and that we are excited to start providing services during this field within the very near future," a Kraken exponent told The Block.

it's not clear that specific NFT services Kraken can offer, however the spokesperson aforesaid the exchange will facilitate take a number of the NFT activity "off-chain, which might help keep each minting and dealing fees right down to a minimum."

Earlier this week, Kraken corporate executive Jesse Powell told Bloomberg that the exchange is "working on AN NFT platform without delay to offer investors exposure to the burgeoning NFT market."

Powell aforesaid the NFT sector goes to urge larger within the next year, given the rising activity in the metaverse, together with virtual land, digital clothing, and membership in virtual clubs.

Kraken' planned move follows rival crypto exchanges Coinbase, FTX, and Binance, who have all launched or are set to launch their NFT platforms.

NFT commerce volumes of those exchanges aren't in public called they're nonetheless to make genus Apis for that. however standalone NFT marketplaces saw a pointy increase in commerce volumes in August. OpenSea remains the market leader, in step with The Block' knowledge Dashboard.