The craze for NFT collections has exploded beyond the crypto industry, with celebrities, athletes, businesses, and even politicians releasing their digital artworks. Kraken is the next prominent name to join the NFT race, officially.
Kraken’s Turn
According to the recent blog post, old-timer cryptocurrency and Bitcoin exchange Kraken announced today the launch of its waitlist for the upcoming NFT platform.
Kraken NFT, as stated by the firm, will be a “complete solution for exploring, curating and securing your NFT collection.”
Kraken sets goals to create a platform that allows users to purchase, sell and trade NFTs in a seamless way.
Users who have a Kraken account can perform NFT-linked activities on the new platform, with cash and crypto transactions.
Kraken allows sellers to list NFTs in any of the fiat or cryptocurrency currencies supported by the exchange, and buyers can bid in any currency supported by the exchange.
However, the new NFT platform will be more than just a platform to buy, sell or hold digital art. There will be additional outstanding services that set Kraken apart from other existing rivals.
In addition to ordinary features, the coming Kraken’s marketplace will introduce Creator Earnings, a reward mechanism that compensates artists with a share of the proceeds from each secondary market sale of their NFT.
And that’s not everything. Kraken plans to implement analysis tools into the platform.
These built-in tools help evaluate and specify the rarity of each NFTs in relation to other tokens in the same collection, in addition to other features. Kraken has not yet given further details on these metrics.
Users at Kraken will benefit from no gas expenses for transactions. They are only charged for transferring NFTs and cryptocurrency off the Kraken platform.
At the beginning, the platform will focus on Ethereum and Solana NFT collections. However, in the future, there will be more support for NFTs over different blockchains.
Kraken’s interest in NFT came in December last year. The exchange was said to set eyes on the space for a long time, with a strategy to launch its own marketplace aimed at providing new types of services.
Jesse Powell, CEO and founder of crypto exchange Kraken, outlined the company’s plans in an interview with Bloomberg.
He explained that the company is currently growing in the NFT market. However, he said it will have new features, including allowing customers to use their digital collection as collateral to get a loan.
Kraken’s CEO also expects NFT to outgrow its current speculative stage in the next few years, arguing that phase two is to purchase art and support artists, phase three would be to use the functionality of the NFT.
Are NFTs Dead? Absolutely Not!
Kraken is the next major exchange to join the NFT bandwagon, following Coinbase.
Kraken’s participation has been widely anticipated because it is one of the world’s largest and oldest Bitcoin and cryptocurrency exchanges.
Kraken has always been regarded as one of the top locations to buy and sell coins, owing to its professional service, low transaction fees, quick deposit and withdrawal, and strong security.
Prior to Kraken, the NFT field had seen several high-profile players in the crypto business, including Gemini, Binance, Coinbase, and FTX.
They all came to expand the billion market as the asset continues to acquire popularity, rather than being dead, as some people believe.
The resurgence of recent NFT collections became a life savor just as the market began showing signs of cooling down, with transaction volume decreasing.
Moonbirds’ drop and Bored Ape Yacht Club’s metaverse launch have made the next wave of NFTs more promising. Opensea, the largest marketplace for NFTs, recently hit a daily trading volume of more than $476 million in Ethereum, according to analytics platform Dune.
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