According to the Kraken exchange announcement, the new Kraken NFT platform is built to compete with its counterparts in the ecosystem since it boasts a number of characteristics that set it apart. According to Kraken, NFT collectors who make transactions on its new NFT platform will not face any gas expenses because none is levied. This is a significant differentiator from the present offerings of the exchange’s rivals. The majority are being chastised, particularly for their ties to Ethereum, which is notorious for its exorbitantly high transaction costs.
The exchange said:
“Once your NFT is custodied with Kraken NFT, you will not pay any blockchain network fees for the trading activity that takes place within our platform. 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. “
Kraken NFT platform will handle a variety of blockchain protocols, starting with Ethereum and Solana, and adding more in the near future. The platform’s multi-chain support architecture will further empower NFT enthusiasts who have previously been limited in their total reach.
Crypto exchanges launches their own NFT marketplace
Kraken exchange has opened a waiting list in preparation for the complete launch of its Kraken NFT platform, which follows a similar step by Coinbase Global Inc.
As NFTs make their way into the mainstream, no trading platform is sitting on its hands. The number of significant firms launching an NFT marketplace is expanding, from FTX Derivatives Exchange to Binance, Crypto.com, and OkCoin, a trend that is expected to bring more competition and innovation to the branch of blockchain technology in the near future.
While the larger Nasdaq-listed exchange has just recently launched its NFT platform in Beta, it already has over 3 million people in its queue.
