November 8, 2022
By Sharan Kaur Phillora
While demand for digital collectibles continues to fall, Kraken, the sixth-biggest cryptocurrency exchange in the world, is releasing its new NFT marketplace today.
With the assurance of gas-less transactions on Kraken, the exchange is hoping to entice current and prospective NFT collectors. This is likely aimed at cost-conscious buyers in the midst of record global inflation, which, when combined with crypto’s fondness for volatility, has left the industry in total disarray.
Here’s what we know:
Kraken will initially host over 70 NFT collections based on Ethereum and Solana and will provide free storage for any NFTs owned by its users. However, NFT marketplace behemoth Opensea is a formidable opponent for Kraken, since it controls the lion’s share of the very small NFT trading volumes.
According to the site, transactions will be “gasless,” meaning that users can buy and sell NFTs that are custodied within the Kraken ecosystem without incurring blockchain network fees. “This means clients can trade on the marketplace with zero disruption, even in peak network activity,” Kraken said in a press release.
Kraken plans to stand apart by including tools like built-in rarity indicators to assist inexperienced purchasers determine the value of different NFTs. Users will be able to see the rarity of a digital collectible’s NFT before placing a bid.
Kraken said that it plans to open up the beta to the public “soon after” launching its initial beta test with waitlist signees. It added that its decision to launch an NFT marketplace highlights its belief that NFTs are “more than a speculative asset.”
Customers may use Kraken NFT “with complete peace of mind,” according to a firm spokesperson since strict security measures keep “malware-embedded NFTs out of the platform.”
“Our focus is to ensure clients experience a premium and secure service; we’re not in the business of timing markets, but in accelerating financial freedom and independence,” said Kraken.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
