This guide will talk about Kraken NFT Marketplace. We will try and explore what is Kraken NFT Marketplace, what are its features and how does it differentiates itself from the incumbent NFT Marketplaces.
NFTs are becoming popular day by day with people even earning millions by creating and selling them. It has given newer and never before opportunities to artists to exhibit and sell their arts. Though NFTs are not limited to art only and encompass anything digital like a music piece, text, tweet, etc.
At the fundamental level, NFTs tokenize assets (non-fungible assets). These tokens, besides other details, represent the ownership of the asset and are saved in blockchains. Since NFTs are saved in blockchains, the token details (including ownership) cannot be tampered and are transparent.
Ok. Now, NFT Marketplaces like OpenSea and Rarible, facilitate the NFTs to be saved in the blockchain platforms like Ethereum and Solana. These are the platforms which you will interact with to enable you to create, buy, sell and trade NFTs.
There is a fee (Gas Fee) charged by the NFT Marketplaces. This can approximately can go up to $1000 and even higher. This is a prominent challenge for newbies who do not have yet any earnings from NFTs sale and hence find it challenging to pay the fees of these NFT Marketplaces.
Is there any NFT Marketplace which facilitates zero fees NFT creation (minting) and trade?
In this guide, we will talk about Kraken NFT Marketplace. This NFT Marketplace which will be launched soon, is a zero Gas fee marketplace. Yes, you read it right. You will be charged zero fees to mint and trade NFTs on the Kraken NFT marketplace.
Kraken has announced the waitlist is now live for its upcoming Kraken NFT Marketplace. Let us discuss its features in detail.
Kraken NFT Marketplace-Features
As mentioned, Kraken, which is a cryptocurrency exchange has announced the waitlist for its upcoming NFT Marketplace. Kraken exchange is also joining the NFT space, by allowing people to create and trade NFTs on its Kraken NFT marketplace.
The various features of the Kraken NFT Marketplace, as announced by the Kraken team are:
- Zero gas fee NFT creation, buying, selling and trading.
- In-built rarity tool. In case you do not know, a rarity tool is an analytical tool, which applies mathematical algorithms to determine the rarity of NFTs. Rarity implies to how rare an NFT piece is?
Rarity depends on various factors including how many pieces of the particular NFT exists, if it has some of the rarest traits, etc. The more rare an NFT piece is, the more will be its price and value. Hence, the Kraken NFT Marketplace will help to determine the rarity of different NFTs, so that you can buy the most rare and hence the most valued NFTs.
- Payments for buying and selling NFTs can be made using fiat money and cryptocurrencies.
- The Kraken NFT Marketplace will host both Ethereum and Solana NFTs on its launch.
- In December, the company’s CEO Jesse Powell even told Bloomberg that he wants his users to borrow funds with the NFTs as collaterals, however that feature wasn’t announced.
“This helps you build your dream collection with near-instant transfer speeds and the peace of mind that spikes in network activity will not impact the cost of your purchases and trades,” the company commented in a blog post.
OpenSea is the leading NFT marketplace as of now. The trading volume on OpenSea is considerably increasing and is yet to face any potential competition. OpenSea still makes up 68% to 88% of all NFT marketplace activity, with its closest competitor, LooksRare, eating up anywhere from 11% to 32%.
With the launch of Kraken NFT Marketplace boasting Zero Gas fees, it is expected that people will be attracted to no-cost NFT minting. If so, there can be a considerable shift of NFT traders and minters to the Kraken NFT Marketplace. But this shift might would entail or rather need a vast marketing campaign, even educate NFT traders and minters, of the new Kraken NFT Marketplace.
People are getting positive results from OpenSea and are comfortable in using the platform. Lazy Minting allows people to mint NFTs for free in OpenSea. But the Kraken NFT Marketplace, beside charging zero Gas fee for NFT creation, will also allow free of cost NFT trading.
Whether Kraken will be able to capture the NFT market will be an interesting thing to watch out for.