Crypto Exchange Kraken to Launch New NFT Platform With Zero Gas Fees

Kraken has opened a waitlist for the beta version of its new non-fungible token (NFT) marketplace, the exchange announced this morning.

One of the key selling points of the new marketplace, called Kraken NFT, is that users won’t have to pay blockchain network fees once their NFTs are held within the platform. NFTs can be bought with fiat, or any of the 120+ cryptocurrencies listed on the exchange, and no gas fees will be incurred except when the tokens move on or off the platform.

“This helps you build your dream collection with near-instant transfer speeds and the peace of mind that spikes in network activity will not impact the cost of your purchases and trades,” the exchange said in a blog post.

The marketplace will also come with a built-in feature that will help users keep a score on how rare their NFTs are. Its new “rarity score” will help quantify the traits and attributes that make a given NFT unique so users can make better trading decisions.

Kraken NFT users will also be able to allocate their collection across multiple blockchains but access them within one platform. Kraken has yet to reveal which blockchains will be interoperable with the platform, but mentioned that Ethereum and Solana will be available from the get-go.

“Whether you are looking to grab the latest collection on Solana or a classic NFT on Ethereum, Kraken NFT lets you manage all of your holdings from one place. Kraken NFT will include these two networks at launch and we can’t wait to share the many other blockchains we plan to activate.”

As per the announcement, Kraken NFT will put a focus on creators by giving them a cut of each resale of their work. Through the “Creator Earnings” feature, artists will be rewarded a portion of every secondary market sale price of the NFTs they created.

Kraken’s announcement comes on the heels of Coinbase releasing the beta version of its NFT marketplace, which took less than a day to accumulate 1.5 million names on its waitlist.

Coinbase’s strategy behind its new platform is to incorporate characteristics of social media, such as letting users set up profiles and curate them with their favourite NFTs.

“In the coming weeks and months, we’ll add more features that will gradually bring our vision for a web3 social marketplace to life,” Coinbase said. “We’re planning to add drops, minting, token-gated communities, and the option to buy NFTs with your Coinbase account or a credit card. We’ll also add support for NFTs on multiple chains. And over time, we intend to decentralize more features by moving them from Coinbase tech to decentralized solutions.”