Kraken Opens Waitlist for Its Upcoming NFT Marketplace, Promises Zero Gas Fees for Transactions

A few months after the initial announcement of the Kraken non-fungible market (NFT) marketplace, the crypto exchange has launched a waitlist for its NFT marketplace in beta. The waitlist announcement came months after Kraken CEO and co-founder Jesse Powell announced the NFT initiative. In December, Powell said his main goal is for Kraken NFT users to be able to use their NFTs as collateral for loans. While the exchange hasn't touched up on that in its most recent announcement, there could be more to it once the marketplace is out of its Beta stage.

Revealing the waitlist in an announcement, Kraken highlighted the distinct features of the upcoming marketplace and implored NFT lovers to join the waitlist. According to the official blog post, Kraken users would not pay blockchain network fees for trading NFTs where the company is the custodian. With no-gas fees incurred, Kraken said its NFT customers would be able to conduct their transactions at greater speeds.

Users with Kraken crypto accounts can easily integrate their Kraken NFT accounts for easy transactions. As such, sellers can list their digital arts in any cryptocurrencies supported by Kraken. At the same time, these sellers will be able to list NFTs in EUR, USD, CAD, GBP, CHF, and AUD. After listing, buyers are at liberty to use the same currencies in bidding on NFTs.

Additionally, Kraken is making it easier for buyers to track the rarity scores of their NFTs. The rarity scores educate buyers and help them make informed decisions while purchasing NFTs. It estimates the uniqueness of each NFT. The exchange said, “Kraken NFT comes with built-in tools that help you understand how rare certain characteristics of an NFT are as compared to other NFTs within the same collection.”

Another reason to join the waitlist, according to Kraken, is that Kraken NFT permits users to curate their collections across multiple blockchains. This means that customers can manage all of their NFT holdings from various blockchains from a single network.

Creators also have reason to join the Kraken waitlist in anticipation of the Creator Earnings, which is designed to reward the creators of each NFT collection on the marketplace. Creators will receive a fragment of each secondary market sale price of the NFTs they created.