Need a loan? Release the Kraken. NFT-backed loans are coming to the platform in 2022.
in an interview with Bloomberg News that the crypto exchange will launch a nonfungible token marketplace that will enable users to borrow funds against their NFTs.
Powell explained that the company plans to enter the NFT space in early 2022 and hopes to add the feature to determine the liquidation value of an NFT and whether it can be put up as collateral for a loan. “If you deposit a CryptoPunk on Kraken, we want to be able to reflect the value of that in your account,” said Powell, continuing, “nd if you want to borrow funds against that.”
The value of NFTs, however, is all over the spectrum, and only a small percentage of token owners hold a digital collectible valued for as much as a CryptoPunk, whose floor price is 66.9 Ether or $273,673 at the time of publication.“Phase one was speculation, phase two is buying art and supporting artists, phase three is going to be functional uses of NFTs.”, an infrastructure platform that allows for non-custodial crypto staking, in an effort to attract new investors.
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