By Philip Maina
3 weeks agoFri Jun 09 2023 10:01:34
Reading Time: 2 minutes
Crypto exchange Kraken has officially opened its NFT platform to the public after being in beta for over six months
The launch saw the platform support more than 250 collectibles spread across three leading blockchains
The exchange disclosed that the marketplace will list both premium and affordable collectibles
Crypto exchange Kraken has officially opened its NFT platform, Kraken NFT, to the public after being in beta for over six months, joining other crypto exchanges like Binance that have also unveiled an NFT platform. The launch saw the platform increase the number of collectibles offered during beta from 70 to more than 250 collectibles spread across Polygon, Solana and Ethereum blockchains. The exchange revealed that it will list both premium and affordable NFTs to accommodate more collectors.
Gas-free NFT Marketplace
According to the exchange, the NFT marketplace will feature some collectibles with a retail price of below $100 and waive the gas costs, although collectors transferring their holdings outside the platform will incur transaction fees.
The Kraken NFT marketplace will support both fiat and crypto NFT purchases. The platform supports crypto purchases through MetaMask and Phantom wallets but plans to add more wallets to the list in the future.
The marketplace boasts of inbuilt tools to check the rarity of listed collectibles. Apart from powering NFT trading, Kraken NFT also provides security services for collectibles.
Kraken’s move to mix premium and affordable collectibles comes at a time when the crypto and NFT spaces are experiencing prolonged downturn that has seen the number of users on NFT marketplaces dip to 2021 lows.
Crypto Winter Doesn’t Faze Kraken
However, the hard times haven’t stopped entities like the leading Japanese airline, Sotheby’s, Canon and Amazon from expressing interest in the NFT world. It has also not hindered the likes of Louis Vuitton from releasing an NFT collection retailing at $42,000 per collectible.
With the exchange launching an NFT marketplace, it’s to be seen whether it will offer NFT lending services like Blur and Binance NFT.