San Francisco-based cryptocurrency exchange Kraken has launched its NFT marketplace, which offers a wide selection of collections and gasless transactions for users.
The Kraken NFT marketplace launched with over 250 unique NFT collections, including CryptoPunks, Bored Ape Yacht Club, and Azuki. The marketplace also supports digital collectibles from Polygon, including popular items such as its “red-hot Reddit collectible avatars.”
In addition to its wide selection of collections, Kraken’s NFT marketplace also offers gasless transactions for users. This means that users will not be charged any fees when purchasing or selling NFTs on the platform.
Gas fees are typically charged by blockchain networks for processing transactions, and they can vary depending on network congestion. By eliminating gas fees, Kraken is making it more affordable for users to buy and sell NFTs.
Kraken’s NFT marketplace also aims to be user-friendly for non-crypto-native traders. Most NFT platforms today require their users to have a crypto wallet to purchase digital collectibles.
Kraken’s platform, on the other hand, accepts fiat and cryptocurrencies, meaning users can bid on an NFT even if they do not own any tokens.
For those who do have a wallet, the Kraken NFT marketplace currently supports MetaMask and Phantom, with plans to later connect with WalletConnect.
Kraken’s decision to launch its NFT platform comes amid a US government crackdown on centralized exchanges. In recent months, the US Securities and Exchange Commission (SEC) has taken enforcement actions against several cryptocurrency exchanges, including Binance and BitMEX.
Despite the regulatory challenges, the NFT market remains a hotbed of activity. In 2021, the NFT market generated over $25 billion in sales. This year, the market is expected to grow even further, with some analysts predicting that it could reach $100 billion in sales.
