In his heart, Kraken NFT is a product built for people by people.
Build the Kraken NFT product brought together a collaborative team across the company. It’s also one of Kraken’s biggest projects ever, with thousands of hours spent building a vibrant marketplace in just over a year.
Kraken NFT is not your average digital art marketplace. It will be a flagship product for Kraken as we lay out the roadmap for the future of Web3. In our behind the building series on Kraken NFT, we’ll explore the ideas and technology that went into building this product.
Kraken co-founder and CEO Jesse Powell has been a supporter and founder of arts-focused businesses for years.
In 2001, Jesse founded Lewt, Inc., a marketplace for virtual goods for use in virtual worlds and massively multiplayer online role-playing games. In 2007, Jesse fell further into the art culture by founding the Verge Gallery and Studio Project, one of Sacramento’s largest contemporary art galleries which he ran until 2010. Jesse then founded the Verge Center for the Artswhere he remained a board member until 2021.
Around the same time, in 2011, Jesse launched Kraken as a global digital asset exchange with a mission to bring crypto to the masses.
Now that Kraken has just celebrated 11 years as one of the best exchanges in the worldit made sense for the company to build a first-in-class Kraken NFT market.
“Exchanges can continue to play a role similar to what they’ve played for the past decade — being this super-easy on-ramp for people entering space,” Jesse said in a Yahoo Finance Interview 2021. “These are the shepherds…they can help people get through this first step before moving on to more advanced things in Challenge.”
During the last years, NFT captured mainstream consciousness alongside a massive crypto bull run.
“(NFTs are) related to people because kids who have grown up over the last 20 years really know this idea of a digital store of value…virtual clothing, virtual hardware for your virtual avatar,” Jesse said. .
As an NFT HODLer, Jesse doesn’t see NFTs as something to flip and sell.
“I have no intention of selling my NFTs. In fact, I tend to be a hoarder of things. I have over a thousand domains and I get attached to those things. I’m the same with NFTs and art in general.
Kraken NFT creates accessibility at all levels.
“I think it’s support for artists and their work,” Jesse said. “If you’re not one of the most well-known artists in the world, the industry can be very difficult to make money from. I buy NFTs to support the space while letting artists know that it’s It’s a lucrative avenue for them to monetize their work.”
NFTs are evolving every day for mixed use cases.
For example, musical artists can connect with their fans, give people revenue shares for their support, or get sponsorship for a new album – these are all opportunities to explore. For visual artists, ordinary people can own artwork and support artists without having to deal with an inaccessible gallery process.
“NFTs are also good for other things,” Jesse said. “You can have concert tickets or proof of ownership of anything as NFT. You will see this more as a commercial application.
“I think a lot of people are going to be going through (NFT) – not bitcoin or looking for a replacement for their national currency – but things that we’ll start doing in everyday life,” he said. jesse. “We want to be there to help people enable these use cases.”
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