Gas fees are some of the most significant issues facing the NFT ecosystem, and the happenings over the last weekend reinforce the public’s disdain for gas fees
Kraken Cryptocurrency Exchange
The trend of cryptocurrency exchanges entering the NFT space has been on the rise lately, and it doesn’t seem like that’ll change anytime soon. Kraken is the latest in a long list of crypto exchanges leaping into the attractive NFT space.
Over the last few months, existing NFT marketplaces led by OpenSea have had to watch as big players from the crypto exchange space enter their domain to carve their niches. When the trend began, many concluded that new entrants like Binance, FTX, and Coinbase would leverage their resources to take over the NFT marketplace space, but so far so good, that has not been the case, and “traditional” NFT marketplaces are performing well.
Many analysts still believe that the crypto exchanges have the ability and resources to give OpenSea and other players a run for their money. The problem is most of the crypto exchanges entering the NFT space have not done enough to differentiate and set their NFT product apart from the competition. Crypto exchanges competing in the NFT sector may not reach their full potential until that is done.
Throughout this piece, I’ll take you on a journey through Kraken’s new NFT product and how the company plans to set itself apart from the competition.
Kraken NFT Marketplace
If you’re a seller interested in listing on Kraken’s NFT marketplace, you may be happy to learn that you can list your NFTs in the cryptocurrencies supported by the platform. Additionally, sellers can also list their NFTs in fiat currencies such as AUD, GBP, USD, EUR, and CAD.
Another feature that can help Kraken stand out is that with this NFT marketplace, creators do not only earn with the initial purchase of their NFTs; the company has shared that it will share a portion of gains from secondary market sales with creators.
Consequently, Kraken is fully committed to not charging gas fees on NFT transactions on its NFT marketplace, and it’ll list projects from a myriad of blockchains, including Solana and Ethereum. Naturally, this is good news because gas fees have been a touchy subject, and the recent happenings with BAYC’s Otherdeeds have shed more light on the damages gas fees can cause.
Doing better with Kraken
After months of less than stellar performance from the NFT space, April saw some of the most impressive performances in recent months. It culminated with OpenSea breaking the daily trading record set on August 29, 2021.
Jonathan Miller, Kraken’s Australian Managing Director, shared the following in a statement, “In the future, you will be able to use NFTs to prove your ownership for anything trustlessly, and that’s what we want to innovate in this space.”
It’s exciting to see that the race to deliver the best value to customers is on, and when there’s a quality battle, everyone gains.