Kraken has released the beta version of its non-fungible token (NFT) marketplace, which features a “gasless” transaction system and intuitive design.
Customers who joined the waitlist in May, 2022 are currently the only ones who can access the marketplace.
NFT Transactions Could Happen Without Incurring Blockchain Network Fees
A curated list of 70 top-selling NFTs on the Ethereum and Solana blockchains is included in Kraken NFT’s launch as “the complete solution for exploring, curating, and securing your NFT collection.”
As per the site, transactions will be “gasless,” meaning users will not have to incur blockchain network fees when buying and selling NFTs stored within the Kraken ecosystem.
“This means clients can trade on the marketplace with zero disruption, even in peak network activity,” said Kraken in a press release.
Users will also be able to view and purchase NFTs listed on other marketplaces with the new marketplace’s NFT aggregator; creator rewards are paid back to original content creators after each secondary market sale in order to “always properly compensate them for their time and efforts;” rarity scores for all supported NFT collections; and the ability to trade NFTs with over 200 cryptocurrencies and eight fiat currencies.
Committing to Create a Balanced Environment
The company told CoinDesk that it is “committed to creating an environment” that promotes fairness and balance to both creators and collectors as more NFT marketplaces move toward optional royalty models.
“As of today, we collect royalties on behalf of creators and distribute them once a collection’s creator has been verified. The exact percentage varies by collection. However, our thinking on this may – and should – evolve as solutions that better serve the NFT community are developed,” said Kraken.
The NFT marketplace will be open to the public after Kraken launches its beta with waitlist signees “soon after” adding that its decision highlights the fact that NFTs are “more than speculative assets.”
“Our focus is to ensure clients experience a premium and secure service; we’re not in the business of timing markets, but in accelerating financial freedom and independence,” Kraken spoke to CoinDesk.