Kraken exchange set to launch its NFT marketplace

Kraken NFT marketplace will reportedly allow zero gas fees on all NFT trades on the platform.

Major crypto exchange Kraken has announced that the waitlist for its non-fungible token (NFT) marketplace is open.

The announcement, published on Tuesday, comes a few months after the US-based cryptocurrency firm revealed plans to launch Kraken NFT. This will be the crypto exchange’s NFT marketplace that’s being highlighted as a “complete solution” for users seeking to explore, trade and secure NFT collections.

Zero gas fees for on-platform trades

Among the many features, users are set to benefit from when using the new NFT platform is what Kraken says is “zero gas fees” on all trades involving NFTs custodied on the platform.

“Once your NFT is custodied with Kraken NFT, you will not pay any blockchain network fees for trading activity that takes place within our platform,” the Kraken team said in a blog post.

According to the exchange, users will only pay gas fees when they transfer NFTs onto or off the marketplace.

Use cash or crypto

Kraken NFT will offer users access to the buying and selling of NFTs via cash or crypto, whichever the customer prefers. This, according to the platform, will occur via seamless integration of the NFT account with a customer’s Kraken account.

In this way, offers can be listed in fiat currencies such as USD, EUR, and GBP, among others. Users will also have access to over 120 cryptocurrencies.

Other features include multiple blockchain support

Kraken NFT will eventually support several blockchains, but the initial launch, according to the team, will involve Ethereum and Solana support.

Apart from supporting multiple blockchains, the marketplace will also integrate the security protocols and measures applied on the main network to secure the NFT platform.

Meanwhile, NFT creators on the platform will benefit from a reward system that assures them a cut of earnings made in secondary sales. This will work via a feature dubbed Creator Earnings.

Kraken NFT Marketplace will join a list of other NFTs platforms from major cryptocurrency exchanges, including Coinbase, Binance, FTX and KuCoin.

The projects are coming up thick and first as the NFTs space continues to experience rapid growth. The industry saw billions of dollars worth of digital collectibles traded in 2021.