Kraken Launches Fee-free NFT Marketplace

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  • Kraken has launched an NFT marketplace that doesn’t charge transaction fees
  • The marketplace will initially support NFTs powered by Ethereum and Solana blockchains
  • The NFT platform promises accessibility and security of users’ digital assets

Crypto exchange Kraken has launched an NFT marketplace and exempted users from paying transaction fees. The platform will start by supporting the trading of Ethereum and Solana-based NFTs drawn from popular creators and enters the market when leading marketplaces such as OpenSea are reporting lower trading volumes.

Kraken Opens Beta to Waitlist Members

Kraken’s marketplace was announced earlier this year and a waitlist opened in May. The platform comes with inbuilt rarity checks that will further increase its appeal among aspiring NFT collectors who want to get the best deal with an assurance of landing a valuable digital artwork.

Called ‘Kraken NFT,’ the platform will initially feature 70 NFTs powered by the Solana and Ethereum blockchains, the two most popular platforms for NFTs at the moment. However, its current existence is in beta mode and only a select few from its May waitlist will have the privilege to “explore, trade and secure NFTs from the most popular artists and projects.” 

Kraken NFT’s major selling point is the ability to trade artworks without incurring transaction charges. It also promises to offer services to those looking to secure their NFTs. The crypto exchange’s NFT marketplace rarity detector helps collectors compare the rarity of NFTs or the premium-ness of certain traits “within a particular collection.”

Pay with any Crypto You Want

Interestingly, buyers aren’t tied to a creator’s choice of crypto because Kraken allows buyers to bid on an NFT “using any of the cryptocurrencies Kraken supports in their region”, while users can also pay in fiat currency rather than crypto if they wish.

Kraken NFT seeks to be part of the party largely dominated by OpenSea, Magic Eden and LooksRare. Although the announcement didn’t touch on creator royalties, Kraken NFT enters the market when marketplaces like Magic Eden have shifted to optional royalties, a topic that has divided creators and collectors alike.