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Crypto Exchange Kraken Rolls Out its Non-Fungible Token Marketplace

Crypto Exchange Kraken Rolls Out its Non-Fungible Token Marketplace

To diversify access to the NFT industry, the Kraken NFT marketplace is set to offer digital collectibles worth less than $100.

Kick-starting operations with over 250 non-fungible tokens (NFTs) collections spanning through Ethereum, Solana, and Polygon networks, the Kraken NFT marketplace has exited its beta stage.

The opening shot offers a first look at Kraken's ambition to cater to a broad range of NFT enthusiasts, from seasoned collectors to curious beginners.

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Kraken's venture into the NFT space began with a public beta launch last November. Initially, the platform dipped its toes with a handpicked assortment of 70 NFT collections, available on Ethereum and Solana.

However, the latest launch represents a significant expansion, with the platform now supporting a far more extensive array of collections. Aiming to cater to the diverse needs of the NFT community, Kraken's marketplace will showcase well-known projects like CryptoPunks and Bored Ape Yacht Club.

Moreover, it also aims to democratize NFT access by featuring collections purchasable below the $100 mark.

Kraken sets itself apart in the competitive NFT marketplace by offering a gas fee-free environment for buying and selling NFTs. However, users should be aware that "gas fees will be incurred when transferring NFTs and other cryptoassets on and off the Kraken platform."

Kraken enables users to choose their preferred payment method: fiat or cryptocurrency. The marketplace further enhances the user experience by offering built-in rarity rankings for listed NFTs. Currently, wallet support extends to MetaMask and Solana's Phantom wallet, with plans to integrate WalletConnect, in the future.

Kraken's foray into the NFT market arrives amidst increasing regulatory pressure on the crypto industry. US-based crypto exchanges face legal battles with the SEC, and north of the border, Canada is tightening its rules around digital asset trading.

However, Kraken stands firm amidst the regulatory storm. Unlike competitors, such as Binance and OKX, who chose to withdraw from Canada, Kraken remains undeterred.

Gile K., Market Sentiment Analyst
Gile is a Market Sentiment Analyst who understands what public events may form what emotions. Her experience researching Web3 news and public market messages – including cryptocurrency news reports, PRs, and social network streams – is critical to her role in helping lead the Crypto News Editorial Team.
As an intelligent professional in public relations, together with the team, she aims to determine real VS fake news patterns, and bring her findings to anyone searching for unbiased news and events happening in the FinTech markets. Her expertise is uncovering the latest trustworthy & informative Web3 announcements to the masses.
When she's not researching the trustworthiness of mainstream stories, she spends time enjoying her terrace view and taking meticulous care of her outdoor environment.

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