Kraken Crypto Exchange Promises Zero Fees for Selling and Buying NFTs

Cryptocurrency exchange Kraken has announced the launch of a whitelist for anyone wishing to trade on its new Kraken NFT platform.

The new platform will boast zero gas fees for selling and buying NFTs within the platform, a built-in uniqueness verification tool, fiat and cryptocurrency payment options, and support for Ethereum and Solana from the start.

Last year, the popularity of NFTs — unique blockchain tokens that indicate ownership of an asset — increased dramatically. The trading volume of NFTs on the leading trading platform OpenSea grew from $ 300 million to more than $ 3 billion in just one month, from July to August 2021. Since then, trading volume has consistently exceeded $ 2 billion per month on OpenSea alone.

According to Dune Analytics, OpenSea accounts for 68% to 88% of all NFT market activity, while its closest competitor LooksRare accounts for 11% to 32%.

Coinbase NFTs seemed to want to compete with OpenSea, but their launch was slow and the project is still in beta: less than 1000 users and less than 1500 transactions in two weeks.

Transactions without having to pay for gas may be what sets Kraken NFT apart from others. According to the company, once NFTs are introduced on the platform, users will no longer have to pay any fees.