Crypto Exchange Kraken Launches 'Gasless' NFT Marketplace

Cryptocurrency exchange Kraken has launched the beta version of its platform for its non-fungible token (NFT) marketplace, which offers "gasless" transactions and an intuitive design. Currently the marketplace is only open to customers who joined the waitlist in May, 2022.

Kraken NFT touts itself as "the complete solution for exploring, curating and securing your NFT collection." The launch includes a curated offering of 70 top-selling NFTs on the Ethereum and Solana blockchains.

According to the site, transactions will be "gasless," meaning that users can buy and sell NFTs that are custodied within the Kraken ecosystem without incurring blockchain network fees. "This means clients can trade on the marketplace with zero disruption, even in peak network activity," Kraken said in a press release.

The new marketplace will also feature an NFT aggregator, which allows users to view and purchase NFTs listed on other marketplaces; "creator rewards" paid back to original content creators after each secondary market sale so that they are "always properly compensated for their time and efforts;" rarity scores for all supported NFT collections; and the option to trade NFTs using over 200 cryptocurrencies and eight fiat currencies.

As more NFT marketplaces shift toward optional royalty models, Kraken told CoinDesk that it is "committed to creating an environment that is balanced and fair to both creators and collectors."

"As of today, we collect royalties on behalf of creators and distribute them once a collection's creator has been verified. The exact percentage varies by collection. However, our thinking on this may – and should – evolve as solutions that better serve the NFT community are developed."

Kraken said that it plans to open up the beta to the public "soon after" launching its initial beta test with waitlist signees. It added that its decision to launch an NFT marketplace highlights its belief that NFTs are "more than a speculative asset."

"Our focus is to ensure clients experience a premium and secure service; we're not in the business of timing markets, but in accelerating financial freedom and independence," Kraken told CoinDesk.

Kraken joins a growing number of NFT marketplaces that are integrating new tools like aggregators and rarity trackers onto their platforms to remain competitive. Last month, Rarible launched its Rarible 2 update, which incorporated new aggregation tools, while Paradigm-backed NFT marketplace Blur launched with "professional" trading features like “floor sweeping” across multiple marketplaces, reveal “sniping” and portfolio analytics tools.

UPDATE (Nov. 3, 17:40 UTC): Updates headline and details throughout to reflect Kraken's NFT marketplace has launched to those who were on the waitlist as of today.