Kraken joins list of centralized exchanges with NFT marketplace Kraken joins list of centralized exchanges with NFT marketplace

Kraken joins list of centralized exchanges with NFT marketplace

Krakenโ€™s marketplace offers users an avenue to carry out gas free NFT transactions.

Kraken joins list of centralized exchanges with NFT marketplace

Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.

Another leading centralized crypto exchange, Kraken, has thrown its hat into the non-fungible token space with the launch of a waitlist for the beta version of a marketplace for this class of digital assets.

Krakenโ€™s NFT marketplace

According to the official statement released by the exchange, transactions on the NFT marketplace will incur no gas fees, and users would also be able to curate NFTs across different blockchain networks.

The marketplace would also incorporate a distinct โ€œrarity scoreโ€ feature that will help users โ€œunderstand how rare certain characteristics of an NFT are as compared to other NFTs within the same collection.โ€

Kraken NFT will offer Creator Earnings, a way to reward the artists and innovators driving the NFT space forward by paying them a portion of each secondary market sale price of the NFTs they created.

Speaking on the development, a spokesperson for the platform explained that the main focus of the new NFT marketplace would be security to ensure that users have peace of mind and assurance about their NFT holdings.

Its launch is finally happening more than four months after its Chief Executive Officer, Jesse Powell, revealed that the platform had plans to incorporate NFT features into its services.

NFT adoptions continue to grow

While the recent performance of the crypto industry has left a lot of desire among crypto investors, the NFT market has provided a level of succor to its investors, according to a previous CryptoSlate report.

The report, citing data from Nansen, revealed that the NFT market had outperformed the crypto market this year while also predicting that the space could be worth as much as $80 billion by 2025.

OpenSea, the largest NFT marketplace, has recorded huge growth this year, with its valuation rising to over $1.5 billion. The marketplace began to support Solana-based NFTs to further cement its status as the number one marketplace in the space.

Coinbaseโ€™s NFT marketplace also moved into a beta mode in April after having over 8 million email addresses on its waitlist.

Mentioned in this article
Posted In: , NFTs