Crypto Wallet Maker Ledger Sells NFTs, Becomes Top OpenSea Project

Hardware wallet maker Ledger this week launched its NFT distribution platform called [LEDGER] Market, or [L] Market for cards.

Originally announced during NFT.NYC in June during the Ledger Op3n event, the French firm’s new NFT (non-fungible token) marketplace is intended to serve fashion and luxury brands, charities and financial institutions.

Something of [L] Market’s launch partners included Tag Heuer from LVMH and NFT projects such as RTFKT and DeadFellaz. The company has also launched its own Artist in Residence programme.

Ledger’s first set of Genesis Pass NFTs are intended to allow owners to redeem a limited edition Ledger Black-on-Black Nano X, gain access to certain drops, and purchase new Ledger hardware.

In the marketplace’s first 24 hours, the 10,000 Genesis passes were minted, and the collection topped OpenSea’s charts for most trading volume at 1,637 ETH at the time of publication. Passes currently sell for around 0.56 ETH ($785).

Potential buyers had to sign up for the Genesis Pass pre-mint raffle and then addresses were randomly selected to enter the mint. The Ledger whitelist required 0.1337 ETH per wallet to obtain a Genesis Pass.

“We’ve launched the world’s first secure coin, because people shouldn’t have to do it any other way,” Ledger Chief Experience Officer Ian Rogers said in a statement. The company has claimed that it protects 20% of the world’s digital assets in more than 5 million wallets.

Ledger’s so-called secure-mint processes NFT purchases with “clear signing” of transactions, as opposed to blind signing.

Clear signing provides greater transparency by allowing users to see all transaction details when signing, according to the company, and can prevent NFT collectors from falling for common scams such as phishing.

[L] Market can be accessed through Ledger Live, the desktop wallet and mobile application that connects to the Ledger Nano devices to transact and manage crypto and NFTs.

Regardless, it remains to be seen whether Ledger’s marketplace can sustain interest in the long term.

Ledger stated in press materials that most NFT marketplaces are full of unwanted digital assets, noting that more than 98% of OpenSea’s NFTs have never received a bid.

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