Today marks the launch of a private beta for Kraken’s NFT marketplace, which will be accessible to everyone who joined the waitlist.
Customers on the waitlist will be able to access the non-fungible token (NFTs) market that Kraken’s cryptocurrency exchange will launch today in private beta.
Kraken NFT opened a waiting list in May. Although the marketplace was supposed to open in the summer, there were a number of delays.
During the beta launch, the market will give users access to more than 70 NFT collections from the Solana and Ethereum ecosystems, a Kraken representative said.
Customers won’t pay any gas fees when purchasing or selling Kraken-custodied NFTs. The NFTs will, however, be charged those fees if they are transferred on and off the Kraken platform.
Royalties will continue to be an essential part of the market. On each sale of a collection’s NFT, royalties are fees that go back to the collection’s creator.
Because of the potential for a steady income from royalties, many creators have flocked to NFTs.
As a number of major exchanges, including LooksRare and Magic Eden, shifted away from requiring a royalty-fee on NFT trades, royalties have grown to be a contentious issue in the cryptocurrency sector.
On Kraken’s marketplace, you can also view and buy NFTs listed on other marketplaces under the protection of Kraken’s security framework, as well as list or offer NFTs in eight fiat currencies and more than 200 cryptocurrencies.