Kraken to Develop a Gas-Free NFT Marketplace

People hate gas fees, recently the Otherside Land Sale Burned $176M in GAS Fees. Kraken decided to chance that.

Kraken, a renowned cryptocurrency exchange, recently joined the NFT space by announcing support of NFTs in its exchange, and that too, Without Gas Fees.

OpenSea isn’t the only big NFT marketplace in town. Recently, a lot of big crypto exchanges have entered the NFT space. Binance, Coinbase, and FTX are some of the big CEXs that integrated NFT trading into their platform.

Even though more and more crypto exchanges developing their own NFT marketplaces, the traditional marketplaces like OpenSea, are still unbeaten. The reason why is that OpenSea is still not getting competition as CEXs NFT marketplaces are no better.

Kraken, on the other hand, is eyeing to give a tough time to OpenSea by setting its style apart from the competition. How do they plan to do that? Let’s dive in!

Kraken NFT Marketplace

Kraken’s NFT Marketplace will be very seller-friendly. Not only cryptocurrencies, but the sellers can also list their NFTs on the Kraken NFT Marketplace in fiat currencies as well. (Fiat = USD, AUD, CAD, USD)

Apart from that, Kraken will award the sellers with a secondary commission as well. Suppose that you list an NFT on the marketplace and it sells. If that sold NFT is sold again to another buyer, the original seller will get a portion of the sale. 

Recently, Bored Ape Yacht Club Land NFT sales in the OtherSide metaverse caused a lot of hate towards the gas fee. Due to extreme demand, the gas fee rose to an extraordinary amount. This caused people to look at the gas fees as an unnecessary expense. 

Kraken is committed to not charging any gas fee on any of the NFT transactions in the marketplace. They have learned from the recent happenings. 

“In the future, you will be able to use NFTs to prove your ownership for anything trustless, and that’s what we want to innovate in this space.”

Jonathan Miller (Managing Director, Kraken Australia)

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