Kraken Launches 70 Ethereum, Solana NFT Pools on New ‘Gas Free’ Marketplace

Krakenof the world sixth largest cryptocurrency exchange, is launching its new NFT marketplace today, although sales of digital collectibles continue loose.

The exchange is hoping to entice current and would-be NFT collectors with its promise of gas-free transactions on Kraken – a sweet incentive likely aimed at cost-conscious buyers amid record-high worldwide inflation, which, combined with crypto’s penchant for volatility, has left the industry in tatters.

But Kraken is undaunted, with a company spokesperson reiterating its belief that NFTs are here to stay, saying: “We’re not in the business of timing markets, we’re in the business of accelerating financial freedom and independence.”

The new marketplace “has been designed from the ground up to be the most secure and accessible marketplace in the non-fungible ecosystem,” according to a statement announcing the launch. For now, the marketplace is only available to those who joined the product’s waiting list back in May.

It will initially host over 70 Ethereum and Solana-based NFT collections, and will also allow customers to store their NFTs on Kraken at no additional cost, including any already owned.

Kraken welcomes OpenSea

But Kraken goes up against NFT king Opensea, which still dominates somewhat pitiful NFT trading volumes, per Dune Analytics.

Its main competitor, LooksRare, has made progress in recent weeks, but is still behind it by a good margin.

Kraken will hope to differentiate itself by offering features such as built-in rarity tools to help beginners assess the value of various NFTs. Digital collectibles will be accompanied by a score to tell users how rare or common an NFT is before they place a bid.

The company’s spokesperson added that Kraken’s strict security protocols to keep any “malware-embedded NFTs out of the platform” will help customers use Kraken NFTs “with complete peace of mind, without fear of their crypto wealth being compromised.”

The company also said that buyers will also be able to view and buy NFTs listed on other marketplaces, while still being “under the full protection of Kraken’s industry-leading security framework.”

“By leveraging the same battle-tested infrastructure that has kept our client’s crypto assets secure for the past 11 years, Kraken NFT provides the bedrock people need to engage in the NFT space with confidence,” the company said.