One of the largest cryptocurrency exchanges, Kraken, has launched its NFT marketplace, called Kraken NFT, in beta version. Following the earlier launch of Kraken Pro, users can now trade and collect 110 of the most famous NFT collections in a secure manner with zero gas fees.
There was news on the Internet that Kraken was deploying the NFT market earlier this year. The public beta version was launched around Christmas, which is a bit unexpected and somewhat expected news.
Earlier this week, the Kraken NFT marketplace was only available to a private tester group, and now everyone can officially access it. This shows that Kraken is still working tirelessly to accelerate the adoption of cryptocurrencies in the cold winter of the exchange.
Let us start with the NFT trading market today and have a deeper understanding of the characteristics and what this market has to offer as well as the benefits that Kraken NFT brings.
What is the NFT marketplace?
NFT marketplace is a digital platform for buying and selling NFTs. These platforms allow people to store and display their NFTs and sell them to others in the form of cryptocurrency or money. Some NFT marketplaces also allow users to mint their NFTs on the platform itself.
The marketplace handles the transfer of NFTs from one party to another by earning users money. Each NFT market has its own operating system. Available NFT types, fees, payment options, allowed blockchains, and other rules would depend on which one you use.
Two common types of NFT marketplaces
Do-It-Yourself NFT Marketplace: Allows anyone to create NFTs of any kind. You can create image-based NFTs, video-based NFTs, audio NFTs, and more. Most self-service marketplaces allow you to manually set royalties, linking royalties to NFTs. For example, the opensea we use most often.
Featured Curated NFT Marketplace: Here, you need approval from the marketplace management to create and list your NFTs. The reason curated marketplaces exist is to ensure that only the highest quality NFTs are listed on them.
How does the NFT marketplace work?
When you create an account on an NFT marketplace, you can browse all of their available selling options. You can also add payment methods, some require you to link a cryptocurrency wallet and pay in cryptocurrency, while others allow you to use a credit card.
Some sites let you buy NFTs directly for a fixed price, while others use an auction method. If you complete the transaction, the NFT marketplace will record it on its blockchain, showing the change in ownership.
What is mint?
Everyone is familiar with the term mint. In the NFT world, mint refers to the process of creating new NFTs on the blockchain, the most common being Ethereum. When you mint an NFT, you record the data that makes up the new NFT in a new block, which is then added to the blockchain.
There is usually a fee to mint an NFT. For NFT systems using the Ethereum blockchain, this fee is paid in gas, an encrypted token used to perform functions on the Ethereum blockchain.
More and more NFT marketplaces are getting creative with how, when, and who to charge minting fees.
Knowing the above, let’s take a look at how the Kraken NFT market, which was launched on Christmas and released after a month of user testing, works.
Kraken is one of the oldest digital asset platforms in the world. Globally, Kraken clients can trade over 200 digital assets and 8 different national currencies, including GBP, EUR, USD, CAD, JPY, CHF, AUD and AUD.
Founded in 2011, Kraken currently has more than 2,000 employees and is one of the first exchanges to provide spot trading with margin, parachain auctions, pledges, regulated derivatives, and index services.
In 2022, Kraken launched a custodial NFT marketplace. Kraken is trusted by more than 9 million traders and institutions worldwide and offers professional, 24/7 online support. Kraken was the first company to conduct a Proof of Reserves audit and has since committed to regular Proof of Reserves publications.
Kraken NFT marketplace
At launch, Kraken NFT will offer collections of over 110 of the highest-traded NFTs on the market today. Currently, this only includes series on the Ethereum and Solana blockchains. This includes series such as BAYC, Crypto Punks, Doodles, Moonbirds, and y00ts. The marketplace also reviews all collectibles before they are added, and this applies to future collectibles as well.
Currently, Kraken-backed collections go through a thorough and comprehensive vetting process, and new collections are added regularly. Users can also access the NFT Screener tool on Cryptowatch to track real-time NFT market data, average sale prices, and in-depth statistics on hundreds of different collections.
Main features – zero gas fee
Collectors can buy and sell NFTs held on Kraken, and similar to Blur, the Kraken NFT marketplace does not include gas fees. In other words, instead of requiring you to pay additional transaction fees when buying or trading NFTs, the fees will be enforced when users transfer their NFTs to other platforms.
Additionally, Kraken NFT users will be able to use one wallet to buy, sell and trade digital assets while participating in multiple blockchains. Collectors can easily trade on the market even during periods of peak network activity.
The recent debate over creator royalties has been a contentious topic in the NFT community. Nevertheless, Kraken NFT has already given an excellent answer to this question, and NFT creators in the market will automatically receive part of the sales revenue generated by their digital creations.
All supported collectibles have an accompanying rarity ranking, users can easily keep track of each NFT, and can conveniently see the score on the upper right of the listed NFT. Therefore, users can better assess the rarity of individual NFTs and provide references for potential bids or offers.
200+ funding options:
Users can bid on their favorite NFTs with cash or any of the over 200 cryptocurrencies supported by Kraken. Buyers can bid using a variety of payment methods, including popular cryptocurrency options such as Bitcoin, Ethereum, Solana, Dogecoin, and many more. And all it takes is a wallet.
In addition to OpenSea, which we use the most, the main trading markets on the market include Rarible, Mintable, Nifty Gateway, etc. Among them, Mintable also features “no gas fee” like Kraken NFT.
The whitelist for Kraken NFTs will start with those built on Ethereum and Solana. Support for other blockchains will be added in the near future. We expect Kraken NFT to be at the forefront of this exciting space, and the growing number of related products also reflects its long-term commitment to the construction of the NFT ecosystem.
This crypto winter, when the exchange has been hit hard, users are looking forward to the Kraken NFT market bringing some new vitality to itself and the entire NFT market. Will you use the Kraken NFT market?
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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