How to Navigate the Kraken NFT Marketplace?

The Kraken NFT marketplace is a relatively new addition to the ever-expanding digital collectibles landscape, boasting an impressive array of over 250 NFT collections. Its user-friendly interface and comprehensive features make it accessible to all.

Hence, prepare to embark on a digital adventure like no other as we explore the depths of the Kraken NFT marketplace. I'll discuss how it stands out from other NFT marketplaces, its strongest features, and Kraken NFT fees. You'll also find thorough guides on using the Kraken NFT marketplace. So, without further ado, let's get to it!

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What is the Kraken NFT Marketplace?

The Kraken NFT marketplace is exactly what it sounds like – a place where you can buy and sell NFTs.

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NFTs, or non-fungible tokens, represent a digital revolution. Unlike cryptocurrencies like Bitcoin or Ethereum, NFTs are entirely unique, serving as certificates of ownership and authenticity for specific digital assets, like art, collectibles, or virtual real estate^[1].

The magic behind crypto Kraken NFTs lies in blockchain technology, the same secure and transparent system that powers the traditional crypto tokens. This technology ensures that the ownership and transaction history of NFTs are recorded on a decentralized ledger that anyone can access and verify.

But enough about NFTs, you probably already know how they work. Let's talk about what sets the Kraken NFT marketplace apart from other marketplaces.

Well, Kraken's NFT marketplace has been a long time in the making, with a public beta test net launch in November 2023. During the beta phase, Ethereum and Solana NFT collections took the spotlight. However, with its official debut in July 2023, Kraken has rolled out the welcome mat for Polygon's digital treasures, including the popular Reddit collectible avatars collection.

One of the marketplace's standout points is its commitment to accessibility, catering to a wide user base, including those who may not be seasoned cryptocurrency traders. You don't even need to connect a wallet to it because you can use your funds straight from your Kraken account.

Besides, another nifty feature I've noticed is that it displays NFT prices both in crypto and your local fiat currency. That's a small thing, but it's pretty convenient, especially for beginners (how are you supposed to know how much 0.2 ETH is worth when you've just started your crypto journey, right?).

Also, while you usually have to pay for NFTs with the specific crypto asset that's associated with the network on which the NFT is built (e.g., paying with ETH for Ethereum-based NFTs), the Kraken NFT marketplace allows you to make a purchase with any of the crypto or fiat currencies it supports (but only making a price offering).

All in all, the Kraken NFT marketplace is really convenient and easy to use. Speaking of which, let's get more practical.

Kraken NFT Fees

When it comes to Kraken NFT fees, for starters, note there are no gas fees when buying or selling crypto Kraken NFTs, which can be the main selling point for many. Though, there is a 2% transaction fee when purchasing an NFT.

Besides, if you want to transfer NFTs into or out of Kraken, you will have to pay gas fees. Speaking of NFT withdrawals, there is a withdrawal fee that is based on the network in question:

Table: Kraken NFT withdrawal fees.

NFT deposits, on the other hand, don't impose any fees apart from gas fees. The same goes for listing and cancellation – there are zero platform fees. Just keep in mind that you can only deposit NFTs that are part of NFT collections Kraken supports.

While we're on the topic of fees, note that the Kraken NFT marketplace also provides NFT creators with Creator Earnings, otherwise known as royalties. They are paid monthly in the original currency in which they were earned. Creators themselves set the Creator Earning percentage, but it usually ranges from 1% to 10%.

Just note that to be eligible for earning Creator Rewards, you must have passed the Intermediate-level account verification on Kraken.

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How to Use the Kraken NFT Marketplace?

Now that you know what sets the Kraken NFT marketplace apart, let's delve into the nuances of its usage. Naturally, the first step is account creation.

Setting Up an Account

To access the Kraken NFT marketplace, the first thing you’ll need to do is create a Kraken account.

Step 1: Visit the Kraken website and click on the [Sign Up] button in the upper-right corner of the screen.

Step 2: The account creation form will appear, prompting you to enter specific information, such as your email address (this will be the primary means of communication with Kraken and will also serve as your account identifier) and a password. Also, you'll need to choose your country of residence.

Just note that there are two types of accounts on Kraken – personal and business.

Step 3: Before proceeding, make sure to review Kraken's Terms of Service and Privacy Policy. If you agree to the terms, check the box. After agreeing to the terms, click the [Create Account] button to finalize your account creation.

Step 4: Check your email inbox for the activation email from Kraken. It should contain an activation key or a link to complete the activation process. Follow the instructions provided in the email to activate your account.

Step 5: The last step in your Kraken account creation is passing the identity verification. This is very important, because you won't be able to use any of its features otherwise. To pass it, you'll need to provide your ID, proof of address, and some other personal information.

Step 6: That's it! To access the Kraken NFT marketplace, hover your mouse over the icon with dots next to the [Buy Crypto] button and then click on [NFT Marketplace].

By the way, you can connect an external wallet to the Kraken NFT marketplace, like MetaMask, Ledger Nano X, and many others, but you don't have to. Kraken allows users to store their NFTs on the platform, and they can use the funds in their Kraken account to buy them.

Navigating the Kraken NFT Marketplace

The Kraken NFT marketplace offers an intuitive platform for those looking to sell and buy NFT on Kraken. However, if you’re not sure how to navigate it, here are some tips to help you out:

You might want to start by browsing through the diverse collections available. From art to music and collectibles, there's something for everyone. You can either dive into specific categories or use the handy search bar to uncover collections of interest.

If you find yourself lost in the vast array of crypto Kraken NFT options, there are a number of filters to help you streamline your search. Use them to narrow down your options by collection, price range, rarity, and other criteria. Whether you're on the lookout for budget-friendly NFTs or rare gems, these filters will guide you.

Remember to take a moment to check the descriptions of the NFTs you're considering. These descriptions provide essential details such as the NFT's name, artist, rarity level, and other pertinent information. Ensuring you understand what you're acquiring is key to making informed decisions.

By the way, don't hesitate to make offers on NFTs that catch your eye, even if they're not currently available for sale. Proposing offers provides an opportunity for negotiations with the seller, offering flexibility in your transactions.

Besides that, participating in Kraken NFT drops is an exciting opportunity to acquire sought-after NFTs from emerging and established artists alike. Kraken NFT drops often buzz the NFT community, so make sure to check their social media channels, as well as the homepage of the Kraken NFT marketplace.

All in all, as you embark on your Kraken NFT journey, remember to do your research, exercise patience in the volatile NFT market, and, most importantly, have fun exploring this exciting space.

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Buying NFTs

Now, let's get into more details - how to buy NFTs on the Kraken NFT marketplace? As I've told you before, you can easily do that using various supported cryptocurrencies or even fiat currencies.

In order to buy NFT Kraken offers, you’ll first need to deposit funds into your Kraken account. Once you do that, you'll be good to go.

While any currency supported by Kraken can be used to make offers, it's important to note that for instant purchases at the "Buy now" price, you must use the same currency in which the NFT is listed for sale.

Instant Purchase

Step 1: Explore the marketplace to discover collections, creators, or specific NFTs that catch your eye. When you find an NFT you'd like to purchase immediately, click on it to learn more.

Step 2: On the right-hand side of the NFT page, you'll see the [Buy now] button. If this button is present, it means the NFT is available for instant purchase. Click on it.

Step 3: A small window will open, displaying the currency and price of the NFT, as well as your current balance. Review this information carefully. If you're ready to proceed, press [Continue] to view the purchase summary.

Step 4: To finalize your purchase, you'll be prompted to enter "CONFIRM" and then click the [Confirm] button. Once confirmed, a green ribbon will indicate your successful purchase. Depending on the NFT's location, there may be a processing time of 5 to 10 minutes. You will also receive a confirmation email.

Step 5: After the purchase is completed, you can check if the NFT is in your holdings by clicking on [My NFTs].

You'll find all your owned NFTs in this tab.

Making an Offer

Step 1: Explore the marketplace to find collections, creators, or specific NFTs you're interested in. When you come across an NFT you want to buy, select it and look for the [Make Offer] button on the right.

Kraken NFTs often sell out quickly due to the high demand for these unique and limited-edition digital collectibles, so it’s important to be on the lookout for assets that spike your interest.

Step 2: In the popup that appears, choose the currency you want to use for your offer from the "Pay with" field. Enter the amount you're willing to offer in the "Offer" field. If desired, you can set an expiration time for your offer at the bottom of the window under "Offer expires in."

Then, click [Continue] to review a summary of your offer, including the currency, amount, and offer expiration.

Step 3: To confirm your offer, type "CONFIRM" and click the [Confirm] button.

Step 4: If your offer becomes the highest, it will be prominently displayed above the NFT image. When your offer is accepted, the NFT will appear in your "My NFTs" tab, and you will receive an email notification.

That’s it! Now you know how to buy NFT Kraken provides in the Kraken NFT marketplace!

Selling NFTs

Artists often collaborate with the Kraken NFT marketplace to release special editions of their work via Kraken NFT drops or the usual sales, attracting a wide audience of art and NFT enthusiasts. However, you do not need to be an artist to sell an NFT on the Kraken NFT marketplace.

If you find yourself wanting to put your NFTs up for sale, here’s how you can do it:

Step 1: Begin by navigating to the "My NFTs" tab.

Step 2: Select the NFT you wish to sell, then click the [Sell] button. Alternatively, you can click [View details] to gain insights into your NFT's provenance, attributes, and offer history. From there, click [Sell] on the right side of the screen.

Step 3: In the "Payment in" dropdown menu, select the currency in which you want to price your NFT.

Step 4: Enter your desired price for the NFT in the "Sell for" field.

Step 5: Determine when you want your NFT sale offer to be visible to the public by specifying a date and time in the "Scheduled In" field. By default, it's immediate, but you can choose a future date, like two days from now.

Step 6: Decide when your sale offer should end by entering a date in the "Expires On" field. If the deadline passes without a sale, the offer will be canceled, and you'll need to create a new one.

Step 7: To confirm the creation of your sale offer, type "CONFIRM" and then click [Sell].

With these simple steps, you can list your NFTs for sale on the Kraken NFT marketplace, opening them up to potential buyers and fellow collectors.

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Bidding on NFTs

Bidding on NFTs on the Kraken NFT marketplace is a strategic way to acquire the digital collectibles you desire while maintaining control over the price you're willing to pay^[2]. It's similar to participating in an auction, where you place bids on NFTs, hoping your offer will be the winning one.

If you wish to start bidding on NFTs, start by delving into thorough research. Understand the project and the artist behind the NFT. This knowledge will shield you from overpaying for an NFT or investing in one that doesn't align with your goals.

You might also want to set a budget. This will prevent overspending and keep you disciplined throughout the bidding process.

Keep in mind that the NFT market is known for its volatility. Thus, many factors influence Kraken NFT prices, including the rarity of the digital collectible and the demand from the NFT community. Your desired NFT might not materialize at your preferred price instantly. Exercise patience and seize the right bidding opportunity.

When you do place a bid, though, offer a price that's not only reasonable but also likely to gain acceptance from the seller. Sellers often set their Kraken NFT prices based on market conditions and the perceived value of their digital assets. A balanced approach goes a long way, remember to know when to step back.

Sometimes, it's best to walk away from a heated bidding war. Don't feel compelled to win at any cost; there will always be alternative NFTs available for consideration.

By adopting these strategies, you can navigate the exciting world of NFT bidding on the Kraken NFT marketplace with confidence and precision.

Tips on Building Your NFT Collection

Embarking on the journey of building your NFT collection using the Kraken NFT marketplace can be both delightful and fulfilling.

✓ Craft a Vision for Your Collection

Outline its theme and objectives, considering what types of NFTs align with your interests and budget. With a clear vision, explore diverse NFT projects and pinpoint those that resonate with your goals.

✓ Conduct Thorough Research

Dive deep into the background of each project and artist, and keep an eye on the prices. Monitoring Kraken NFT prices is crucial for those looking to make informed decisions about buying or selling digital assets on the platform. This will safeguard you against acquiring overpriced or undervalued NFTs.

It's all about making informed choices that align with your collection's theme.

✓ Don't Rush and Start Small

Remember, you don't need to amass an entire collection all at once. It’s best to always carefully analyze the Kraken NFT prices before making a purchase, ensuring they get the best value for their investments.

Start small and gradually expand your portfolio over time. This approach allows you to savor the process and make thoughtful acquisitions. Be patient, as the NFT market is known for its ebbs and flows.

All in all, building an NFT collection should be an enjoyable pursuit. If you're not relishing the journey, you might need to recalibrate your approach. When it comes to the Kraken NFT marketplace, make sure to explore the variety of collections it offers and see what is popular at the moment. This might help you decide what kind of NFT collection you want to have.

Security and Privacy

If you're interested in navigating the Kraken NFT marketplace, you might be wondering if the platform is safe to use. With that said, note that Kraken is known to be one of the most secure crypto exchanges available.

The platform prioritizes your security with a range of robust measures. Two-factor authentication (2FA), for instance, adds an extra layer of protection by requiring a mobile device code in addition to your password during login. This deters unauthorized access.

For even stronger security, Kraken employs cold storage for most NFTs and other crypto assets, keeping them offline and isolated from internet access to minimize vulnerability to cyber threats.

Additionally, Kraken mandates Know Your Customer (KYC) and Anti-Money Laundering (AML) procedures for users before engaging in NFT trading (or using any other Kraken features). These measures help prevent fraudulent activities and financial misconduct.

Beyond these robust security features, Kraken maintains a vigilant team of experts, constantly monitoring the platform for potential threats. Rest assured that if you have any security concerns, Kraken's responsive customer support team is ready to assist you.

To further enhance your safety on the Kraken NFT marketplace, follow these precautions:

• Never share your credentials.
• Be cautious with links in emails or messages.
• Use only the official website and apps.
• Keep your software updated.
• Acknowledge the inherent risks in NFT trading due to market volatility.

By following these practices, you strengthen your account's security and protect your valuable NFT assets.

Who Should Use the Kraken NFT Marketplace?

The Kraken NFT marketplace is a dynamic ecosystem that caters to a diverse audience, offering something for everyone.

If you’re intrigued by the world of digital collectibles and unique blockchain assets, the platform is a welcoming space where art enthusiasts and collectors can explore and own exquisite NFT artworks from talented artists worldwide, bridging the gap between art and technology.

For crypto enthusiasts already well-versed in the crypto world, the Kraken NFT marketplace offers an exciting extension. Here, you can diversify your crypto portfolio with unique digital assets, potentially adding substantial value while indulging your passion for blockchain technology.

However, it's not just for collectors; investors seeking opportunities will find a dynamic marketplace where NFT values can appreciate, potentially leading to rewarding returns on investment. Even newcomers can confidently embark on a journey of discovery, learning about blockchain technology, and exploring the exciting realm of NFTs with ease.

As for blockchain innovators, the Kraken NFT marketplace provides an ideal platform to showcase their creations. So, whether you're an artist or developer, you can mint and list your NFTs, sharing your innovations with a global audience.

In essence, the Kraken NFT marketplace is a hub for creativity, investment, and exploration. Regardless of your background or interests, there's probably a place for you in this dynamic NFT ecosystem, where the digital world meets artistry and opportunity.

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Conclusions

As we wrap up our exploration of the Kraken NFT marketplace, it's clear that this platform offers a vibrant, secure, and user-friendly gateway to the world of non-fungible tokens. Whether you're an art lover, a crypto enthusiast, an investor seeking opportunities, or a curious explorer, Kraken warmly welcomes you to dive into the NFT universe.

Though, it's also worth noting that other exchange platforms like Binance or Bybit provide avenues to explore this digital frontier, as well. Each has its unique strengths and offerings, giving you a wide array of choices in your NFT journey.

So, whether you're driven by the desire to collect digital art, invest in blockchain innovation, or simply embark on a new adventure, the Kraken NFT marketplace and its counterparts are here to guide you.

Scientific References

1. H. Nobanee, N. O. D. Ellili: 'Non-Fungible Tokens (NFTs): A Bibliometric and Systematic Review, Current Streams, Developments, and Directions for Future Research';

2. P. Kireyev: 'NFT Marketplace Design and Market Intelligence'.