Kraken joins list of centralized exchanges with NFT marketplace

kraken nft

Another leading centralized crypto exchange, Kraken, has thrown its hat into the non-fungible token space with the launch of a beta beta marketplace launch for this class of digital assets.

Kraken’s NFT Marketplace

According to the official statement released by the exchange, transactions in the NFT market will not incur any gas fees, and users would also be able to manage NFTs across various blockchain networks.

The marketplace would also include a clear “rarity scoring” feature that will help users “understand how rare certain features of an NFT are compared to other NFTs within the same collection.”

Kraken NFT offers Creator Earnings, a way to reward the artists and innovators who advance the NFT space by paying them a share of each secondary market selling price of the NFTs they have created.

Speaking about the development, a spokesperson for the platform explained that the main focus of the new NFT marketplace would be security to ensure that users have peace of mind and certainty about their NFT holdings.

The launch finally comes more than four months after Chief Executive Officer, Jesse Powell, revealed that the platform had plans to incorporate NFT features into its services.

NFT adoption continues to grow

While the crypto industry’s recent performance has sparked a lot of interest among crypto investors, the NFT market has provided its investors with a level of support, according to a previous CryptoSlate report.

The report, citing data from Nansen, revealed that the NFT market had outperformed the crypto market this year, while also forecasting the space could be worth as much as $80 billion by 2025.

OpenSea, the largest NFT marketplace, has seen tremendous growth this year, with a valuation of over $1.5 billion. The marketplace started supporting Solana-based NFTs to further cement its status as the number one marketplace in the space.

Coinbase’s NFT marketplace also went into beta mode in April after more than 8 million email addresses were put on hold.

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