Cryptocurrency exchange Kraken has announced a waitlist for its upcoming non-fungible token (NFT) marketplace Kraken NFT, which is now live.
Across the platform, a range of initiatives are offered to users, including zero gas fees for NFT sales and transfers, the option for cash or crypto payments and a built-in rarity tool. There will be support available for Ethereum and Solana NFTs.
On the back of the growing popularity of NFTs, trading volume on crypto marketplace OpenSea flew from $300m to $3bn in just one month from July to August 2021.
Since the excitement among users hoping to obtain NFTs, Opensea’s trading volume has never been below $2m.
Competition in the market from LooksRare, SuperRare and Rariable has not been able to come close to Opensea’s progression.
More than half of the NFT marketplace activity percentage is made up by Opensea with the company culminating 68% to 88%, according to blockchain analytics firm Dune.
It’s not just the aforementioned three companies looking to rival OpenSea, Coinbase NFT has got its eye on the prize too. However, try as it might, the launch was slow with less than 1000 users and it’s still in limited beta.
Kraken NFT is trying to differentiate itself from its rivals with gasless transactions. The company has announced that once NFTs are integrated into the platform, users will not be required to pay any other blockchain-related gas fee to trade on site.
However, Kraken is not the first to look to gasless transactions. In December 2021, Mintable announced an integration with Layer 2 solution Immutable X, which once complete is intended to enable transactions without gas fees.
Kraken’s rarity tool added in the launch means that customers and users will not require any third-party site to verify the rarity of a collectable.
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