Crypto exchanges want to benefit from the NFT boom

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  • Coinbase and octopuses drive the NFT marketplace plans ahead
  • Coinbase hopes to create a social community, while octopuses do not offer gas fees

During the sale of the cryptocurrency markets, excavations are interested in digital assets that want to diversify their income outside of trade fees, for another part of the industry: NFTS.

The Coinbase and Kraken crypto exchanges based in the USA each have their own NFT marketplaces (non-fungible tokens).

The company of Coinbase, which calls it a "social web3 marketplace", passed on Wednesday for an open beta test, which enables users to create a profile and to act on which Platform . .

As part of the test, Coinbase will not offer transaction fees for a limited time, said the stock exchange in a Blog entry . Fees that "correspond to the web3 industrial standards" should follow.

Coinbase and octopuses both face strong competition from the established NFT-giant Openea-which leads to such money-loving advertising campaigns in order to gain market shares as upstant.

Kraken has opened a waiting list for its NFT marketplace, which is to be introduced this year.

The stock exchange said, as soon as an NFT is kept at octopus, the users do not have to pay gas fees that drive transactions on the Ethereum blockchain. The gas fees change depending on the supply and demand and have risen lately because investors' interest in digital collector's pieces has increased after a sale at the end of 2021.

The free structure "helps you build up your dream collection with almost immediate transmission speeds and the certainty that tips in network activity do not affect the costs of your purchases and trades," wrote Kraken in A Blog entry .

The starts take place because the interest in the NFT room, which had shrunk, begins to get back. According to data from the cryptoanalysis company Nansen, the weekly NFT trade volumes rose by around 30 %in March towards the late April.

The large NFT trading platform OpenSea recorded a new daily trade record with Ethereum-Nft-Trades worth more than $ 476 million on Sunday Data Dune.

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The article Crypto Exchanges Look to Cash in on NFT Boom is not a financial advice.