May 30, 2024
Latest Cryptocurrency News

Kraken’s New NFT Marketplace Goes Live with 250+ Tokens Across Ethereum, Solana, and Polygon

Kraken, the popular US-based cryptocurrency exchange, has officially launched its NFT marketplace after completing the beta testing phase. The marketplace now supports more than 250 non-fungible tokens (NFTs) across various blockchains, including Ethereum, Solana, and Polygon.

Initially, Kraken introduced a public beta version of its NFT platform in November, which featured a curated selection of 70 NFT collections on Ethereum and Solana. With the public launch, the platform aims to include both well-known projects like CryptoPunks and Bored Ape Yacht Club, as well as more affordable collections priced below $100.

Kraken’s NFT marketplace is introducing customer-friendly features, as it won’t charge gas fees for buying and selling NFTs on the platform. However, customers will incur gas fees when transferring NFTs and other crypto assets to and from the Kraken platform. Payment options include both fiat currency and cryptocurrency, and listings will include built-in rarity rankings.

Currently, Kraken’s NFT marketplace supports MetaMask and Solana’s Phantom wallet, with plans to add WalletConnect in the future. The launch of this marketplace comes at a time when the crypto industry is facing increased regulatory scrutiny, with U.S. exchanges dealing with lawsuits from the U.S. Securities and Exchange Commission (SEC) and Canada tightening its regulatory framework for digital asset trading.

Despite these challenges, Kraken has chosen to remain in Canada while competitors like Binance and OKX have announced their departures. This strategic decision has allowed Kraken to capitalize on the market and increase its customer deposits by 25% in the weeks following the exits. Kraken is still accessible to U.S. customers, although there are some state-specific trading restrictions in place.

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