The US regulatory landscape may be hostile, but that hasn’t stopped Kraken from going full-steam ahead with its NFT marketplace.
US-based crypto exchange Kraken has announced that its NFT marketplace, Kraken NFT, has officially launched out of beta. Boasting more than 250 collections, the marketplace supports NFTs on Ethereum, Polygon and Solana.
Some of the most prestigious collections listed on the platform include CryptoPunks and Bored Ape Yacht Club alongside cult-favourites like Mfers and CrypToadz.
It’s not all expensive blue-chips though, the platform also lists hundreds of NFTs under $100, including the popular Reddit Collectible Avatars. Kraken has long supported the idea that NFTs are not only for wealthy investors.
Buyers on Kraken NFT can enjoy zero gas fee trading on the platform, though fees will be incurred when transferring NFTs on and off the Kraken platform.
The release states, “All too often, gas fees stand between you and the NFT collections of your dreams. Thankfully, Kraken NFT helps your money go further by not charging gas fees for buying and selling on the platform. Whether there is a FOMO-inducing drop or a record-breaking spike in DeFi trading, gas fees will not stand between you and your new NFT on Kraken.”
The platform also boasts a ‘pay your way’ policy, enabling users to buy NFTs with either cash or cryptocurrency.
To get started, users will not need to set up a crypto wallet or wrap their tokens. “No matter what cash or cryptocurrency a seller choses when listing an NFT,” the release states, “Kraken NFT makes it easy to bid on NFTs your way by choosing from more than 200 different cryptocurrencies and cash options.”
The launch comes at a time of tense regulatory pressures in the US. Earlier this week, the SEC sued both Binance and Coinbase for alleged evasions of securities law, leading Binance.US to halt all USD deposits.
Read more: Binance.US suspends USD deposits as banks prepare to cut ties with the exchange
Kraken has also had an unfriendly brush with the Commission. In February, the SEC slapped the exchange with a $30 million fine for failing to register its staking program, ordering it to close the service.
Nonetheless, Kraken NFT has launched with optimism, emphasising that much more is yet to come to the platform.
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