Kraken to Launch Forthcoming NFT Marketplace with Subsidised Gas Fees

Kraken has opened its waitlist for its forthcoming NFT marketplace, which will be launched in the coming months.
Image source: Kraken

Quick take:

  • Users can sign up to the waitlist of Kraken’s NFT marketplace starting today.
  • There will be zero gas fees for trades on Kraken NFT.
  • However, gas fees will be incurred when transferring NFTs on and off the platform.

Cryptocurrency exchange Kraken has opened the waitlist for its upcoming NFT marketplace, it announced in a blog post today. 

Users who allow Kraken to hold custody of their NFTs can enjoy zero gas fees for trades on the platform. However, gas fees will be incurred when transferring NFTs on and off the platform, the website says.

While gas fees on Ethereum recently skyrocketed to new heights during the minting of Yuga Labs’ Otherdeeds NFTs as the network faced congestion, transaction costs on Ethereum have been a known issue in the NFT space. 

The offering of subsidised gas fees is an attractive perk for users who want assurance that spikes in network activity won’t impact the costs of their NFT purchase, although it’s not clear whether this is a permanent feature or a temporary one.

Kraken NFT also allows users to purchase NFTs across multiple blockchains on a single platform, allowing users to manage their collection in one place. At launch, Kraken will include support for Ethereum and Solana NFTs, with plans to integrate other blockchains in the future. 

Other features include integration with the user’s Kraken account for seamless transactions. Besides that, Kraken allows payment in fiat for NFT purchases. Sellers can list NFTs in USD, EUR, CAD, GBP, CHF, AUD or any of the 120-plus cryptocurrencies supported by Kraken, and buyers can bid on NFTs using any of these currencies as well.

To incentivise creators, Kraken will offer Creator Earnings, meaning that Kraken NFT will pay creators a portion of each secondary market sale price of their NFT.

This comes after Kraken announced plans last December to launch an NFT-backed lending product on the upcoming NFT marketplace, offering users an opportunity to borrow against their NFTs as collateral.

However, the company did not mention this product in its announcement of Kraken NFT’s waitlist opening today. Kraken has also not yet announced the exact date of the marketplace’s launch.

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