Kraken NFT Marketplace launches with Ethereum, Solana, and Polygon support.
The cryptocurrency exchange Kraken has officially launched its NFT marketplace after completing its beta testing phase. The platform now supports over 250 non-fungible tokens (NFTs) across the Ethereum, Solana, and Polygon blockchains.
Kraken first launched a public beta version of its NFT platform in November, which initially offered support for a curated selection of 70 NFT collections on Ethereum and Solana.
With its public launch, the platform has promised to include not only popular NFT projects like CryptoPunks and Bored Ape Yacht Club, but also more affordable collections that can be bought for under $100.
The Kraken NFT marketplace claims that it will not charge gas fees to customers who buy and sell NFTs on the platform. However, it does specify that “gas fees will be incurred when transferring NFTs and other cryptoassets on and off the Kraken platform.”
Users have the option to pay in fiat or cryptocurrency, and listings will have built-in rarity rankings. Kraken currently supports MetaMask and Solana’s Phantom wallet, with WalletConnect to be added in the future.
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Kraken’s NFT marketplace launch occurs amid a regulatory crackdown against the broader crypto industry. While U.S. exchanges are facing lawsuits from the U.S. Securities and Exchange Commission (SEC), Canada has also recently tightened its regulatory framework for digital asset trading.
Kraken has remained in Canada despite the regulatory crackdown, while competitors like Binance and OKX have announced their departures. This has allowed Kraken to gain market share and increase customer deposits by 25% in the weeks following the exits. Kraken remains available to U.S. customers with some state-by-state trading restrictions.
Edited by Toby Leah Bochan.