The NFT market continues to gain momentum as Kraken‘s NFT marketplace exits its beta phase. With the launch, the NFT platform boasts an impressive expansion, growing from supporting 70 collections to over 250. The platform also added support for the Polygon Network and will not charge gas fees for buying or selling NFTs on its marketplace. However, transferring assets on and off the platform will still incur gas fees.
In other NFT news, the community is standing tall as Coinbase faces a lawsuit from the United States Securities and Exchange Commission (SEC). Crypto enthusiasts are showing their support by minting “Stand with Crypto” NFTs and sharing shield badges on their Twitter profiles. According to OpenSea, the collection has witnessed a significant increase in mints and owners since the suit.
Meanwhile, New Bitcoin City aims to compete with Bitcoin Ordinals by offering smart contracts and larger file sizes for its Bitcoin NFT inscription project, allowing inscribed files to go above the 4 MB limit set by Ordinals inscriptions.
On the music front, Noel Gallagher’s High Flying Birds, the new band of the former Oasis member, are using NFTs to boost album sales and compete with rock band Foo Fighters for the top spot on the UK Album Charts. Serenade, an NFT platform, announced the unique “Digital Pressings” of Gallagher’s band’s newly-released album “Council Skies,” which includes a full audio playback of the album and a “public stamp of ownership” on the blockchain.
The embrace of NFTs by musicians and artists is just one example of how blockchain and crypto technology is shaping the future of various industries. As regulations take shape across different jurisdictions, it remains to be seen how these markets will evolve, but one thing is for sure: The potential of this technology is immense and is only just beginning to be realized.
Source: Cointelegraph
