Kraken is jumping into NFTs

While you were sleeping we were researching crypto and trying to draw NFTs. Now that you are awake and reading. High !

Today's Topics:

• Kraken is jumping into NFTs

• What is Mina Protocol?

• Starbucks is gonna try this crypto thing

• Quick Links

Kraken is jumping into NFTs

First it was Coinbase, now Kraken is going up to bat on a NFT platform.

Can OpenSea maintain their marketshare? Crypto exchanges offering NFTs in order of release. Binance, FTX, and Coinbase.

Our Prediction:

First mover advantage is a real thing. If we are looking at platform aggregators eBay and Airbnb were the first of their kind and many copycats piled on. Today they stand as market leaders in their verticals. We see a similar outcome for NFT platforms in the next few years. If we are wrong then you did not read this.

What's to like:

• Zero gas fees! No blockchain network fees for transactions on Kraken.

• NFT analytics with a "rarity score" so you know how rare your piece is.

• Cash or crypto as payment. - Hopefully better than minting with MetaMask

• Collect across various blockchains like Ethereum or Solana.

• Creator Earnings - Royalties from secondary market sales for artists

• Security - Whatever that means in crypto nowadays

Join the waitlist here.

What is Mina Protocol?

Mina is the "world's lightest" blockchain and maintains a constant size of just 22kB. This allows anyone to run a node to help secure its network with simple computing power.

Their reasoning for keeping the blockchain tiny is for scalability which has negatively affected other projects.

The MINA engineering team used zk-SNARKS (zero-knowledge succinct non-interactive arguments of knowledge"), a novel concept to allow counter-parties to verify specific data without showing each other the data.

Using zk-SNARK and Proof of Stake simplifies transactions on the network. The native MINA token helps carry out network transactions and fee distribution.

MINA tokens can be used to:

• Execute network transactions

• Exchange tokens

• Stake for yield which securing the network

• As the payment method for the protocol

• Interact with dApps built on the protocol

The supply at launch was 1 billion tokens and total supply will increase with time. The MINA token has taken a beating so could be attractive to certain investors.

Starbucks is gonna try this crypto thing

What did you do Wednesday morning? Drink Starbucks coffee then go on OpenSea to mint Starbucks NFTs. This sadly might be reality soon.

Starbucks the king of bland coffee is gonna give Web3 a shot. A few execs must have seen a few memes on the "metaverse" and now here we are.

We imagined the Slack conversation went as follows:

SB Exec 1: My daughter said she minted this NFT called a Moonbird. Have you heard?

SB Exec 2: Ok. What is an NFT? Moonbirds???

SB Exec 1: Don't worry about what it is. She was able to flip her bird JPEG for 5x what she bought it for!

SB Exec 2: JPEG I understand. So we can sell a Starbucks JPEG for a ton of money?

SB Exec 1: Yes. We take our branded JPEG, make it an NFT and voila CASH!

SB Exce 2: We should do NFTs! I'll call up a board meeting ASAP!

The blog post features the word "community" ten times. They should have formed a DAO. LOL.

Quick Headlines

Hawaii OKs task force to check out cryptocurrencies. - In between surf sessions we hope?

El Salvador's bitcoin bond has little investor interest and could default. - Kinda feels like being called last in pick up basketball. We've been there.

Dfinity suing META for having a similar logo. - We call this petty. Build don't sue.

Socios scores deal with Major League Soccer. - No tokens for now.

See you Thursday!

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Disclosure: We are a newsletter for information only. We are not financial advisors nor do we claim to be. Consult your legal, investment or tax advisor. Crypto is risky. Do you own research.