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Kraken Opens a Waiting List for the Upcoming NFT Marketplace

The Kraken marketplace will support payments with both cryptocurrencies and fiat money. In other words, people will be able to pay for NFTs in euros or US dollars as well. Other accepted currencies include CAD, GBP, CHF, and AUD. As for cryptocurrencies, all 120 coins supported by Kraken are said to be accepted for buying and trading.

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Leading crypto exchange Kraken has opened the waiting list for its upcoming non-fungible token (NFT) marketplace, Kraken NFT. They revealed this optimistic news in a blog post on May 3rd. In it, they claimed that the marketplace would be the ultimate solution for researching, curating, and securing NFT collections.

According to the blog post, Kraken NFT will not charge for trading any NFTs in its care. This should also allow users of the marketplace to transfer NFTs at near-instant speeds. In addition, it will help ensure that fluctuations in network activity do not affect the cost of purchases and transactions.

Apart from fee-free trading, there should be other interesting features as well. For instance, users will be able to track the rarity ratings of their NFTs. The platform has built-in tools to easily identify a combination of characteristics that will help users make informed decisions when buying digital collectibles. The crypto exchange’s operators also promise that the marketplace will offer a high level of security.

Moreover, the marketplace will support payments with both cryptocurrencies and fiat money. In other words, people will be able to pay for NFTs in euros or US dollars as well. Other accepted currencies include CAD, GBP, CHF, and AUD. As for cryptocurrencies, all 120 coins supported by Kraken are said to be accepted for buying and trading.

Another interesting feature of Kraken NFT is said to be the multi-chain support. This will allow users to manage NFT collections on multiple blockchains through a single interface. At launch, the platform will support two blockchain networks, with more to be added later.

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Kraken NFT will reward creators through Creator Earnings, meaning creators and innovators will receive a portion of the selling price for the NFTs they create.

Read more about Kraken NFT marketplace and find other important business news from around the world with our companion app Born2Invest.

Competition among NFT marketplaces will continue to increase

With the introduction of fee-free transactions, Kraken NFT could have enough momentum to take on the leading marketplaces. Still, the marketplace will face stiff competition, although OpenSea is still waiting for a worthy competitor in terms of market share.

According to Dune Analytics data, OpenSea still accounts for 68% to 88% of activity in the NFT industry. On the other hand, LooksRare, SuperRare, and Rarible are currently seeing low traffic, with LooksRare controlling 11% to 32% of the market share.

Coinbase’s NFT marketplace also appears to be taking on OpenSea: Coinbase NFT recorded daily trading volume of $100,000 on April 28. That momentum has waned, however, with the platform closing yesterday at $8,953 in volume. But that’s largely because the marketplace is still in beta and has fewer than 1,000 users with fewer than 1,500 transactions so far.

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(Featured image by Marco Verch Professional Photographer CC BY 2.0 via Flickr)

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Anne Kings is a reporter for the financial sector, often tackling Wall Street and shareholders' interests. She also covers the intersection of media and technology, and delves into interesting topics on entertainment. Sometimes she also writes about the cannabis industry, in particular CBD and hemp. She is currently based in New York.