Kraken NFT Waitlist Announced - Zero Gas Fees On Transactions

Bishal Kumar Chanda
04.05.2022

A few months after the initial announcement, cryptocurrency exchange Kraken announced the waitlist for its upcoming NFT marketplace, Kraken NFT. Also, Kraken highlighted that the platform would have zero gas fees for NFT sales and transfers. In addition, it will have a built-in rarity tool, crypto or cash payments, and support for Solana and Ethereum NFTs. 

OpenSea Dominating The NFT Marketplace Game

In 2021, non-fungible tokens exploded in popularity. From July to August, OpenSea's NFT trading volume skyrocketed from $300 million to over $3 billion in just one month. Since then, the NFT trading volume has constantly risen, with OpenSea raking in monthly $2 billion sales. 

Despite OpenSea's evident dominance in the NFT marketplace space, there's still room for competition. However, with far less traffic going to LooksRare, SuperRare, and Rarible, OpenSea is yet to face a comparable rival. According to Dune Analytics, OpenSea makes up 68% to 88% of all NFT marketplace activity. Meanwhile, its closest competitor, LooksRare, captures anywhere between 11% to 32% of the market share. 

While Coinbase NFT is keen to take on OpenSea, its launch has been sluggish, and it's still in beta. Moreover, the new Coinbase NFT marketplace has less than 1,000 users doing about 1,500 transactions in two weeks.

How Kraken NFT Sets Itself Apart

Revealing the new NFT marketplace, Kraken highlighted certain features imploring NFT enthusiasts to join its whitelist. 

The feature of gasless transactions can differentiate Kraken NFT from the existing NFT marketplaces. As per Kraken's announcement, once Kraken has the custody of an NFT, users won't have to pay any gas fee on NFT sales or transfers. With no gas fees, Kraken users could conduct transactions faster. 

Additionally, with Kraken NFT's built-in rarity tools, it is easier for buyers to track the rarity scores of their NFTs. Thus, while purchasing NFTs, buyers can make more informed decisions. 

Another feature that makes Kraken NFT a worthy competitor of OpenSea is its ability to curate collections across multiple blockchains. Kraken NFT will allow users to manage their NFTs on various blockchains from a single network.

Users with the Kraken crypto account can integrate it into their Kraken NFT accounts for easier transactions. As a result, users can list their NFTs in any fiat or cryptocurrency supported by Kraken. 

Meanwhile, NFT creators are excited about the Kraken NFT's Creator Earnings. It is a program designed to reward the creators of all NFT collections on the marketplace. Furthermore, creators will receive a portion of each of the secondary sales of their created NFTs. 

Closing Thoughts

Last December, Kraken CEO Jesse Powell revealed wanting to enable Kraken NFT users to take loans against high-value NFT collaterals. However, the crypto exchange didn't mention this feature in the official announcement for Kraken NFT. Nonetheless, according to a Kraken representative, the Kraken NFT marketplace is expected to launch in the next few months.

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