The Kraken NFT Marketplace has Opened a Queue for the Beta Version

Kraken customers will not be charged any gas costs while trading NFTs held by Kraken — only when moving NFTs and Tokens away from the platform.

Following the launch of the nonfungible token, or NFT, the marketplace in beta by Kraken CEO Jesse Powell more than four months ago, the crypto exchange has started a queue for the platform in beta.

It is now possible to buy and sell NFTs on Kraken’s new marketplace. The marketplace, which is planned to enable users to use tokens as collateral for loans, is slated to launch in the coming weeks. A gas fee is only charged when tokens and non-fungible tokens (NFT) are transferred off of the Kraken platform, according to information provided by the cryptocurrency exchange. The Kraken marketplace will pay artists a share of the sales money earned by their NFTs, in addition to a “rareness score” that takes into consideration the “traits and qualities that separate one NFT from the others.”

Kraken NFT is coming soon!

💫 Explore NFTs & curate your dream collection – with zero on platform gas fees.

Read the announcement & join the waitlist: https://t.co/7SKxFgc1Cz pic.twitter.com/xb3fdV3gFK

— Kraken Exchange (@krakenfx) May 3, 2022

Kraken as a Crypto Exchange Finding its way into NFT Marketplace

Kraken claims that users will have “peace of mind and confidence” since the NFT marketplace would have “security as the first priority,” according to a spokeswoman. Additionally, the marketplace said that it hoped to differentiate itself by delivering a top standard of NFTs, which is obtained via the verification of collections and the creation of “sufficient market liquidity.”

Kraken is one of a small number of cryptocurrency exchanges that are attempting to break into the non-financial technology (NFT) sector. When Coinbase’s NFT marketplace, which is aimed at social interaction, first

went into testing in April, there were more than 8.4 million email addresses on the waiting list. A marketplace for trading NFTs on the Ethereum and Solana blockchains was launched by FTX and its United States subsidiary in September 2021. In June 2021, Binance will also launch a marketplace for non-financial tokens (NFTs).

Kraken will Introduce a Feature that Allows Customers to Seek Loans.

One of the world’s largest cryptocurrency exchanges, Kraken was founded in 2011 and has since risen to a position in the top three in terms of total digital asset holdings according to data from CoinMarketCap. It has since been announced that Nonfungible tokens and loans backed by nonfungible tokens will be added to the exchange in 2022, according to Jesse Powell.

When Kraken co-founder and CEO Jesse Powell appeared on Bloomberg News recently, Powell discussed the development of a nonfungible token (NFT) marketplace that would enable users to borrow money against their NFT holdings.

It’s Powell’s understanding that his company plans to enter the NFT market in the first quarter of 2022, and that he hopes to offer a feature that allows customers to determine whether or not an NFT may be used as collateral to get a loan.

If you deposit a CryptoPunk on Kraken, Powell said, “we want to be able to depict the value of it in your account.” Similarly, “if you want to borrow cash against that, we want to be able to indicate the value of that.”

A CryptoPunk is one of the most costly digital collectables, with a starting price of 66.9 Ether (ETH) or $273,673 at the time of publication. Most people don’t have a digital collectable worth as much as the CryptoPunk.

Kraken has bought Staked, an infrastructure platform that allows for non-custodial bitcoin staking, in an effort to attract new investors. While still preserving control of their digital assets, Kraken’s customers will now be able to earn bitcoin bonuses and revenue, according to the business.

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