Crypto Exchange Kraken to Roll out NFT Marketplace. In the coming months, Kraken, a major cryptocurrency exchange, will launch its own non-fungible token (NFT) platform. According to the exchange’s chief operating officer, the platform will provide unique offerings, most notably subsidizing Ethereum (ETH-USD) transaction costs — such as gas fees, the cost of paying for transactions on Ethereum, and other proof-of-stake blockchains. It would also take custody of customer assets.
Kraken to Roll Out NFT Marketplace With Promise To Cover Transaction Fees
Depending on how you measure it, cryptocurrencies have gone from modest adoption to a multibillion-dollar industry. Crypto Exchange Kraken to Roll out NFT Marketplace. ”You can see the same type of trajectory and total market size for NFTs over the next five to ten years, so one can see this as a massive opportunity with a massive potential market.
It’s unclear how much Kraken would subsidize transaction fees, which can be worth more than the NFT price itself in some cases. “Zero gas fees for trades on Kraken NFT,” according to the marketplace’s new website, with an asterisk indicating that the “Gas fees will be incurred when transferring NFTs on and off the Kraken platform.
Because transaction (gas) costs on Ethereum are significant, a marketplace that offers zero fees or subsidized costs could attract users from other marketplaces in the same way that Robinhood attracted customers from other brokerages by eliminating trading fees.
The Rise of NFT Platforms
The announcement of Kraken’s NFT trading platform comes just two weeks after Coinbase Global (COIN) launched its own, intending to distinguish itself from other marketplaces like Open Sea by incorporating a social media component.
Crypto Exchange Kraken to Roll out NFT Marketplace. According to Dune data, Coinbase’s platform, which is only available to select users in its beta phase, has less than 1,000 users and a total trading volume of $443,100 since launch. For the same period, Open Sea saw $1.8 billion in trading volumes (ETH NFTs only).
In the crypto business industry, most of them are interested to run their own exchange platform with the help of a Cryptocurrency Exchange Script or by quality Bitcoin Exchange Script. While cryptocurrency prices have fallen in recent weeks and search interest in NFTs has waned, the market’s trading volumes haven’t reflected the same drop, owing in part to returning buyers.