The well-known cryptocurrency exchange Kraken is to launch its own NFT platform. The release will be in a few months but customers already have the option to sign up for the waitlist. The platform will offer lower Ethereum transaction costs along with gas fees, proof of stake blockchains, and so forth. David Ripley the chief operating officer mentioned the platform will also aim to hold customers’ assets in custody for them.
Ripley shared a few words about the platform on Yahoo finance. He said, “Depending on how you measure it, cryptocurrencies went from seeing modest adoption to something that is a multi-billion-dollar industry.” He went on “We see over the next five to 10 years, the same type of trajectory and total market size could come to fruition for NFTs, so we are viewing this as a massive opportunity with a massive potential market.”
Kraken has not specified how much they would subsidize transaction fees, which can often be worth more than the Nonfungible token price itself. On the website, it states “zero gas fees for trades on Kraken NFT” noting “Gas fees will be incurred when transferring NFTs on and off the Kraken platform.”
According to Mason Nystrom a senior analyst at Messari, this initiative could potentially attract many customers. In the long run, this could make other marketplaces or crypto exchanges to provide a similar offer.
Ripley explained the platform will be a support for Ethereum and Solana-based (SOL-USD) NFTs. He hopes in the future there will be an expansion of more chains.
The announcement of the Krakens NFT platform came close to two weeks after Coinbase Global made the debut of their own NFT platform. The Coinbase platform is available for only specific users and consists of 1000 users as of now. Its total trading volume is just $443,100 since the day it launched.
Trading volumes for NFTs on Ethereum — where the majority of NFTs are created — have improved since dropping significantly at the end of February. In the last 30 days, the market volume has risen 52%reaching 1.51 million ETH. In addition, weekly volumes have also shown improvement.