Quick take:
- Kraken has officially launched its NFT marketplace.
- The company joins other crypto exchange companies including Binance, Coinbase, Crypto.com and Bybit, which also have NFT marketplaces.
- Kraken NFT went into Beta testing in December 2022 and has since increased its collections listing from 70 to 250.
Kraken has announced the public launch of its NFT marketplace. The company is joining a long list of crypto exchanges that have expanded their ecosystems to include non-fungible tokens (NFTs).
Kraken revealed in December last year that its new platform was going to Beta testing. Since then, it has grown the number of listed collections from 70 to 250, and there are no plans to slow down according to a blog post on the Kraken website.
However, in a comment to NFTgators, Washington Sanchez, product lead for NFTs at Kraken said the company will continue to use its “robust selection process and listing procedure to ensure any collection supported on the marketplace has received undergone a rigorous compliance, legal and security process. This ensures we continue to offer a secure and seamless experience for all our clients.”
Kraken has integrated the layer 2 Ethereum scaling protocol Polygon, which ensures fast execution of transactions. Coming along with the Polygon blockchain is the popular Reddit NFTs, which now have more than 10.6 million collectible avatars listed. Kraken NFT now features Ethereum, Polygon and Solana NFTs.
The company has also onboarded some of the most vibrant NFT communities including the Bored Ape Yacht Club, Cryptopunks, Mfers and CrypToadz to accelerate the onboarding of traders. Other notable NFT collections in the list include anime-inspired collections like uwucrew and DigiDaigaku to pixel-art collections like Nakamigos and Solana Monkey Business.
Kraken NFT also supports zero gas fee trading, allowing users to buy and sell NFTs on the platform without worrying about gas fees. It has also gone ahead to ensure any NFT collector can afford one on the platform with hundreds of NFTs available for less than $100 on the platform.
Kraken NFT’s decision to transition from Beta comes at a time when the industry is still under pressure from the FUD (fear uncertainty and doubt) caused by the recent collapse of NFT prices.
However, according to Sanchez, one of the reasons it chose to enable zero gas fees was to eliminate a major bottleneck in the NFT ecosystem.
“NFTs have the potential to revolutionize how we conduct our digital lives. But many have been deterred because of the complex user journey and unpredictable gas fees. Kraken NFT is designed to enable anyone to enter and explore this exciting new asset class,” he said.
Kraken NFTs will only be charged gas fees when transferring NFTs and other crypto assets onto and off the Kraken platform.
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