Kraken Exchange Plans to Launch NFT Platform, Waitlist Available Now

Kraken, a U.S.-based cryptocurrency exchange and bank, announced plans to launch their own non-fungible token (NFT) platform, according to a blog post Tuesday. 

In addition to the announcement, they have opened the waitlist for the new NFT platform that will be known as Kraken NFT. 

Kraken NFT hopes to be known for zero gas fees for trades, rarity score tracking capabilities, being able to pay with cash or crypto, all while supporting the top blockchains in the NFT game. 

“Once your NFT is custodied with Kraken NFT, you will not pay any blockchain network fees for trading activity that takes place within our platform,” the blog post said. “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.” 

They are also proud to offer built-in tools that allow users to track how rare their NFT is. Usually when NFTs are released, there is a collection of tens of them to even thousands of them. It’s hard for users to track the rarity of those NFTs against hundreds of their contemporaries. Kraken NFT claims they have found a solution for this through their built-in tools, so owners can make more informed decisions about their assets. 

As it stands, Kraken NFT will support NFTs listed in the form of USD, EUR, CAD, GBF, CHF, AUD along with the 120+ cryptocurrencies they support, allowing buyers and sellers to have more diverse options. 

Furthermore, Kraken NFT will give creators a cut of the sale as a way to say thank you for the hard work they put in to create the NFT in the first place. 

At the time of writing, it is unknown when the official launch will take place. It is also unclear how many people are on the waiting list at the moment.

One of their competitors will surely be Coinbase NFT which launched their beta on April 20 of this year. Coinbase NFT aims to be a combination of a traditional NFT platform mixed with some social media elements. They will start with zero fees on transactions but will eventually settle at a low cost for transactions.

Author: Tyler Irvin

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