• Kraken Exchange will serve as a bridge for purchasing NFTs with fiat
• Exchange manager will do everything possible to solve the failures of the NFT market
Recently the crypto exchange Kraken spoke about its next developments in the virtual market, where it promises to renew the NFT scheme. According to the director of the crypto company, they are prepared to launch a dedicated NFT market that would cover existing flaws in the entire landscape.
Since last year, crypto commerce has welcomed NFTs, virtual pieces linked to art, music, sports, and video games, with open arms. However, technology experts suggest that the market is incomplete, affecting fans’ experience. Like a crypto exchange in force since 2011, Kraken seeks to expand into this alternative industry to crypto, but with a more innovative idea.
Kraken crypto exchange hits the NFT market
Ripley Dave, chief operating officer, hints that many of these apps lack information to make them accessible for new fans to use. Kraken plans to enter the NFT market, which Rarible and the OpenSea platform dominate. The NFT interface could be launched in the second half of 2022.
For now, fans of NFT trading have been excited about technology and looking to add value to the images they create from home. This trend grew in the artistic field, where designers and painters looked to earn virtual money. However, the non-fungible market has grown to where it dominates in the creative category and is also present in music, sports, food, and even video games.
Buying NFTs in FIAT
NFT trading is very popular, but it also presents a limited scheme for new technology fans. These pieces can only be purchased with Ethereum tokens, which would be the second cryptocurrency with the highest capitalization in the virtual market. People without a wallet to store ETH cannot buy NFTs, so the industry does not grow naturally.
Ripley said his team is looking to break down those drawbacks in buying NFTs to expand the market. Ripley talks about the commission rates in transactions with Ethereum that sometimes exceed the original value of the piece.
Kraken proposes the purchase of NFTs with FIAT within its new crypto project to divide the financial industry’s emerging market. The Exchange will seek to detach itself from the blockchain network for these operations and thus encourage collectors to buy their NFTs with dollars.
However, the Exchange also clarifies that transaction fees will be present outside its interface. Fans may still have to pay the interest rate to buy the NFTs they like. The crypto company’s NFT project is unclear, so its manager will soon provide more information.