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

Crypto exchange Kraken is working on a platform to support non-fungible tokens (NFTs). 

"NFTs are a fast-moving space and we are excited to begin offering services in this field in the very near future," a Kraken spokesperson told The Block. 

It is not clear which specific NFT services Kraken will offer, but the spokesperson said the exchange will help take some of the NFT activity "off-chain, which would help keep both minting and transaction fees down to a minimum."

Earlier this week, Kraken CEO Jesse Powell told Bloomberg that the exchange is "working on an NFT platform right now to give investors exposure to the burgeoning NFT market."

Powell said the NFT sector is going to get bigger in the next year, given the rising activity in the metaverse, including virtual land, digital clothing, and membership in virtual clubs.

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

NFT trading volumes of these exchanges aren't publicly known as they are yet to build APIs for that. But standalone NFT marketplaces saw a sharp increase in trading volumes in August. OpenSea remains the market leader, according to The Block's Data Dashboard

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Yogita is a senior reporter at The Block and covers all things crypto. Before joining The Block, Yogita worked for CoinDesk and The Economic Times. She can be reached at [email protected] Follow her on Twitter @Yogita_Khatri5.