In its center, Kraken NFT it is a product built for the people by the people.

The creation of Kraken’s NFT product brought together a collaborative team from across the company. It’s also one of the largest projects Kraken has ever completed, with thousands of hours spent building a dynamic marketplace in just over a year.

Kraken NFT is not your average digital art marketplace. It will be a critical product for Kraken as we set out the roadmap for the future of Web3. In our Behind the Build 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 companies 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 immersed himself further in art culture by founding the Verge Gallery and Studio Project, one of the largest contemporary art galleries in Sacramento which he directed until 2010. Jesse later founded the Verge Center for the Artswhere he remained as a board member until 2021.

Around the same time, in 2011, Jesse started Kraken as a global digital asset exchange with a mission to bring cryptocurrency to the masses.

Now that Kraken has just celebrated 11 years as one of the main exchanges in the worldit made sense for the company to build a first of its kind Kraken NFT market.

“The interchanges can continue to play a similar role to what they have for the last decade — to be that super easy on-ramp for people coming into space,” Jesse said in a statement. Yahoo Finance Interview 2021. “They are the pastors…they can help people get past that early stage before they go on to do more advanced things in DeFi.”

In recent years, NFTs captured mainstream consciousness along with a massive crypto bull run.

“[NFTs are] relatable to people because kids who have grown up over the last 20 years are really familiar with this idea of ​​a digital store of value…virtual clothing, virtual gear for your virtual avatar,” Jesse said.

As an NFT HODLer, Jesse doesn’t see NFTs as something to trade 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 stick to these things. I’m the same with NFTs and art in general.”

Kraken NFT creates accessibility on all levels.

“I think of it as supporting artists and their work,” Jesse said. “If you’re not one of the world’s best-known artists, the industry can be really hard to make money from. I buy NFTs to support the space and let artists know that this is a lucrative avenue for them to monetize their work. .”

NFTs are evolving for mixed use cases every day.

For example, music artists can connect with their fans, give people revenue shares for their support, or get sponsorship for a new album – these are all opportunities that are being explored. For visual artists, ordinary people can own artwork and support artists without having to deal with an inaccessible gallery process.

“NFTs are good for other things too,” Jesse said. “You can have concert tickets or proof of ownership of anything like NFTs. You will see more of that as a business application.”

“I think a lot of people are going to come in through [NFTs] — not through Bitcoin or looking for a replacement for your national currency — but through things that we will start doing in everyday life,” Jesse said. “We want to be there to help people enable those use cases.”

These materials are for general information purposes only and are not investment advice or a recommendation or solicitation to buy, sell or hold any crypto asset or to engage in any specific trading strategy. Some cryptographic markets and products are not regulated and you may not be protected by government compensation schemes and/or regulatory protection. The unpredictable nature of crypto asset markets can lead to loss of funds. Taxes may be payable on any returns and/or on any increase in the value of your crypto assets and you should seek independent advice on your tax position. For more information, see our Terms of Service.

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