Kraken, a cryptocurrency exchange, has officially launched its non-fungible token (NFT) marketplace after successfully completing its beta testing phase. The platform now supports over 250 NFTs across the Ethereum, Solana, and Polygon blockchains. In November, the company launched a public beta version of its NFT marketplace, and it initially offered support for a curated selection of 70 NFT collections on Ethereum and Solana. As part of its public launch, the platform has pledged to include not only blue-chip projects like CryptoPunks and Bored Ape Yacht Club but also more affordable collections that can be bought for under $100.
Kraken’s NFT marketplace is unique in that it promises not to charge gas fees to customers who buy and sell NFTs on the platform. However, it specifies that “gas fees will be incurred when transferring NFTs and other cryptoassets on and off the Kraken platform.” Users have the choice to pay in fiat or cryptocurrency, and listings will have built-in rarity rankings. Kraken says that MetaMask and Solana’s Phantom wallet are currently supported, and WalletConnect will be added in the future.
Kraken’s latest release comes amid a broader regulatory crackdown against the crypto industry. While U.S. exchanges are facing lawsuits from the U.S. Securities and Exchange Commission (SEC), Canada recently tightened its regulatory framework for digital asset trading. Despite the crypto crackdown in Canada, Kraken has remained in the country, allowing it to usurp the market and grow its customer deposits by 25% in the weeks following the exits of competitors like Binance and OKX. Kraken remains available to U.S. customers with some state-by-state trading restrictions.
Kraken’s NFT marketplace is a significant step forward for the company, as it seeks to expand its offerings and provide customers with more opportunities to engage with the growing NFT market. With its pledge not to charge gas fees, the platform is positioning itself as a customer-friendly option in a market that is often criticized for its high fees and lack of accessibility. As the regulatory landscape continues to evolve, Kraken’s decision to remain in Canada could prove to be a smart move, allowing it to continue to grow its customer base and expand its offerings in a market that is increasingly competitive.