Crypto Exchange Kraken Launches ‘Gasless’ NFT Marketplace
Cryptocurrency exchange Kraken has launched the beta version of its platform for its non-fungible token (NFT) marketplace, which offers “gas-free” transactions and an intuitive design. Currently, the marketplace is only open to customers who joined the waiting list in May 2022.
Kraken NFT touts itself as “the complete solution for exploring, curating and securing your NFT collection.” The launch includes a curated offering of 70 best-selling NFTs on the Ethereum and Solana blockchains.
According to the site, transactions will be “gas-free,” meaning users can buy and sell NFTs stored in the Kraken ecosystem without incurring blockchain network fees. “This means that clients can trade on the marketplace without interruption, even during high network activity,” Kraken said in a press release.
The new marketplace will also have an NFT aggregator, allowing users to view and buy NFTs listed on other marketplaces; “creator rewards” are paid back to creators of original content after each secondary market sale so that they are “always properly compensated for their time and effort.” rarity points for all supported NFT collections; and the ability to trade NFTs using over 200 cryptocurrencies and eight fiat currencies.
As more NFT marketplaces shift to optional royalty models, Kraken told CoinDesk that it is “committed to creating an environment that is balanced and fair for both creators and collectors.”
“Starting today, we collect royalties on behalf of creators and distribute them once the creator of a collection has been verified. The exact percentage varies from collection to collection. But our thinking on this can – and should – evolve as solutions that better serve the NFT community is developed.”
Kraken said it plans to open up the beta to the public “soon after” launching its first beta test with waitlist signers. It added that the decision to launch an NFT marketplace highlights its belief that NFTs are “more than a speculative asset.”
“Our focus is to ensure that customers experience a first-class and secure service; we are not in the business of timing markets, but in accelerating financial freedom and independence,” Kraken told CoinDesk.
Kraken joins a growing number of NFT marketplaces that are integrating new tools like aggregators and rarity meters into their platforms to stay competitive. Last month, Rarible launched its Rarible 2 update, which incorporated new aggregation tools, while Paradigm-backed NFT marketplace Blur launched with “professional” trading features such as “floor sweeping” across multiple marketplaces, reveal “sniping” and portfolio analysis tools.
UPDATE (Nov 3 at 17:40 UTC): Updating headline and details throughout to reflect Kraken’s NFT marketplace has launched for those on the waitlist as of today.
