Kraken Joins the NFT Game by Establishing a Waitlist for a New Multi-Chain Marketplace

Kraken-multi-chain-marketplace

According to the Kraken announcement, the US-based crypto exchange plans to create a non-fungible token (NFT) marketplace and is already accepting applications for a queue.

According to a blog post from Kraken on Tuesday, the new Kraken NFT marketplace would be able to function across various blockchains, with “zero gas costs” for transactions inside the platform.

Excluding gas, costs imply that NFT collectors don’t have to worry about network activity affecting the cost of an NFT transaction, according to the exchange.

According to the business, the marketplace will initially support the Ethereum (ETH) and Solana (SOL) networks, but other chains are expected to be added in the future.

NFTs may be paid for using any crypto-asset the exchange offers and six other fiat currencies on Kraken’s new platform.

Kraken Hasn’t Given an Exact Date For The Debut Of The New Marketplace

The scheduled debut implies that Kraken is now following in the footsteps of its rivals like Binance, OKX, and Coinbase, who have already opened NFT markets under respective names. More than a million people had signed up for the marketplace’s waitlist before it went live as a test version for a small group of customers last month.

Since its introduction, Coinbase’s platform has only been accessible to a small number of customers, with a total trading volume of $443,100, according to Dune statistics. According to on-chain data tracker Nansen, Open Sea observed trade volumes of $1.8 billion (ETH NFTs exclusively) over the same time.

However, despite a recent dip in cryptocurrency values, Nansen said that trading volumes had not been affected, primarily due to purchasers returning to the market.

Trading volumes for NFTs on Ethereum, where the bulk of NFTs is produced, have increased since the end of February. The importance of ETH has increased by 52% in the previous 30 days to 1.51 million ETH. There has been a steady rise in weekly trading volumes from February 28 to over $450,000 in the final week of April — the third-highest trading week for crypto assets in 2022.


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