Collateralizing NFTs
The CEO and founder of the US crypto exchange, veteran Jesse Powell, explained that the company is currently developing an NFT marketplace. In a recent interview with Bloomberg, Powell outlined the company's plans, stating that 2021 will go down in history as the year of non-fungible tokens. He explained that the NFT marketplace would have new features, including the ability for customers to use their digital collection as collateral to borrow funds against.The marketplace will provide custody, and the exchange is working to determine the liquidation value of deposited NFTs so users can use them as collateral for loans, Powell said. He expects NFTs to grow out of their current "speculative" phase in the next few years: "phase two is buying art and supporting artists, phase three is going to be functional uses of NFTs."
Kraken is looking to compete with OpenSea
Kraken is looking to compete with OpenSea, one of the major marketplaces for NFTs, which has handled just over $2 billion in trading volume in the last 30 days, according to DappRadar. Still, other exchanges have also taken this route. Binance launched its NFT marketplace in June. FTX launched its NFT marketplace in October and expanded support for Ethereum NFTs this month. Coinbase also announced an upcoming NFT marketplace with more than 1.5 million registered users, Blockchain.com announced its NFT marketplace, and Huobi also launched a trial for its own NFT platform in November.Unique to the Kraken exchange is that it will offer NFT-backed loans, but it remains questionable whether this will be enough to become the largest NFT marketplace. While decentralized finance project NFTfi, which launched in February 2020, and crypto lender Nexo already offer NFT-backed loans, Kraken is likely to be the largest exchange to try this yet.
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