Kraken cryptocurrency exchange is launching its own non-fungible token platform in the coming months. Users can now sign up to join its waitlist.
The goal is to build a seamless trading and custody system for NFTs. The tool will connect NFT buying and selling with users’ Kraken accounts, allowing traders to transact with cash or cryptocurrency. NFTs can be listed in any of Kraken’s supported fiat or cryptocurrency, and buyers can bid in their preferred currency.
Kraken also wants to offer Creator Earnings, which will pay artists a share of the sale price of their NFT on the secondary market.
The platform will provide tools for analyzing and describing the rarity of individual NFTs in comparison to others in the same collection. What these metrics will entail was not specified in the release.
Users who keep their NFTs with Kraken will pay no gas fees for trading, but they will pay gas fees when transferring their NFTs and crypto off the site.
The platform will allow users to collect across several blockchains via a single interface, but it will initially only support Ethereum and Solana, with more integrations to follow.
Kraken CEO Jesse Powell stated in late December of last year that the platform would develop services that would allow clients to extract additional value from their NFT collections.
He proposed that the platform incorporate NFT-collateralized loans at the time. The functional capabilities of NFTs were not mentioned in today’s post.
Kraken’s NFT platform
The initial rumors of a Kraken NFT platform surfaced in December of last year when a Kraken official said that the company would start selling NFT services soon. Kraken NFT will be a “full solution for researching, curating, and safeguarding your NFT collection,” according to a blog post published today by the company.
The announcement of Kraken’s NFT trading platform comes just two weeks after Coinbase Global (COIN) established its own, which tries to set itself apart from other marketplaces like Open Sea by incorporating social media.