NFT’s gas fees are one of the most significant issues facing the industry, and events over the weekend have further reinforced the public’s disdain for these charges
In recent months, cryptocurrency exchanges have increasingly entered the NFT space, and it is unlikely that this will change in the near future. Kraken is the latest exchange in a long line of exchange to jump into the lucrative NFT market.
In recent months, existing NFT marketplaces, led by OpenSea, have had to watch as major players in the crypto exchange space have entered their domain to establish their presence. As the trend started, many predicted that new entrants such as Binance, FTX, and Coinbase would leverage their resources to take over the NFT marketplace space, but so far, this has not proven to be the case, and the “traditional” NFT marketplaces have not been affected.
Several analysts continue to believe that crypto exchanges have the capabilities and resources to compete with OpenSea and other players. As a result, most of the crypto exchanges entering the NFT space have not fully differentiated their NFT offering from their competitors. Until this is accomplished, cryptocurrency exchanges competing in the NFT sector may not reach their full potential.
Through the course of this article, I will explore Kraken’s upcoming NFT product and how the company plans to differentiate itself from the competition.
Kraken NFT Marketplace
You may be happy to learn that Kraken’s NFT marketplace allows sellers to list their NFTs in cryptocurrencies. In addition, sellers can also list their NFTs in fiat currencies such as AUD, GBP, USD, EUR, and CAD.
Furthermore, Kraken’s NFT marketplace differs from other offerings in that creators earn in addition to the initial sale of their NFTs; Kraken has disclosed that it will share a portion of gains from secondary market sales with creators.
As a result, Kraken is fully committed to not charging gas fees on NFT transactions on its NFT marketplace. In addition, it will list projects on a variety of blockchains, including Solana and Ethereum. There is no doubt that this is good news, especially since gas fees have been a sensitive topic. BAYC’s otherdeeds have shed light on the negative effects of gas fees.
Using Kraken more effectively
The NFT segment’s performance improved substantially in April following several months of less than stellar performance. As a result, OpenSea broke the daily trading record set on August 29, 2021.
According to Jonathan Miller, Kraken’s Australian Managing Director, “You will be able to use NFTs to prove your ownership of anything trustlessly in the future, and that’s what we are hoping to achieve in this space”.
We are excited to see that the race to deliver the highest value to customers has begun, and when there is a quality battle, everyone benefits.