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Crypto exchanges want to benefit from the NFT boom
Coinbase and Kraken advance NFT marketplace plans Coinbase hopes to create social community while Kraken offers no gas fees As the selloff continues to rage in cryptocurrency markets, digital asset exchanges looking to diversify their revenue outside of trading fees are interested in another part of the industry: NFTs. US-based crypto exchanges Coinbase and Kraken each have their own NFT (non-fungible tokens) marketplaces in the works. Calling it a "Web3 social marketplace," Coinbase's company moved to open beta testing on Wednesday, allowing users to create a profile and trade on the platform. As …
Crypto exchanges want to benefit from the NFT boom
- Coinbase und Kraken treiben die NFT-Marktplatzpläne voran
- Coinbase hofft, eine soziale Gemeinschaft zu schaffen, während Kraken keine Gasgebühren anbietet
As the selloff continues to rage in cryptocurrency markets, digital asset exchanges looking to diversify their revenue outside of trading fees are interested in another part of the industry: NFTs.
US-based crypto exchanges Coinbase and Kraken each have their own NFT (non-fungible tokens) marketplaces in the works.
Coinbase's company, which it calls a "Web3 social marketplace," moved into open beta testing on Wednesday, allowing users to create and trade on a profile platform.
As part of the test, Coinbase will offer no transaction fees for a limited time, the exchange said in a Blog entry. Fees that “comply with Web3 industry standards” are to follow.
Coinbase and Kraken both face stiff competition from established NFT giant OpenSea – leading to such money-losing promotions to gain market share as upstarts.
Kraken has opened a waiting list for its NFT marketplace, which is set to launch later this year.
The exchange said once an NFT is custody on Kraken, users will not have to pay gas fees that power transactions on the Ethereum blockchain. Gas fees change based on supply and demand and have increased recently as investor interest in digital collectibles has increased following a sell-off at the end of 2021.
The fee-free structure “helps you build your dream collection with near-instant transfer speeds and the peace of mind that spikes in network activity will not impact the cost of your purchases and trades,” Kraken wrote in a Blog entry.
The launches come as interest in the NFT space, which had dwindled, begins to increase again. According to data from crypto analytics firm Nansen, weekly NFT trading volumes increased by about 30% towards the end of April from March lows.
Major NFT trading platform OpenSea set a new daily trading record this week with Ethereum NFT trades worth more than $476 million on Sunday Data from dune.
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The post Crypto Exchanges Look To Cash in on NFT Boom is not financial advice.