One of the leading cryptocurrency exchanges Kraken is set to launch a non-fungible token (NFT) marketplace. As of yesterday (03/05/2022), customers can sign up to join the waiting list to be the first to access the net platform, which is due to be released in the coming months.
What will the new platform offer?
The new platform will provide unique features, specifically subsidizing Ethereum gas fees, as well as fees on other proof-of-stake blockchains. Kraken’s CEO, David Ripley, had this to say to Yahoo Finance “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.”
Touted as its main feature, the subsidized transaction fees will excite many NFT traders. At launch, the platform will support Ethereum and Solana-based NFTs, with the foresight to add other chains soon.
A Going Number of NFT Marketplaces
Binance led the way, back in the summer of 2021, launching its own NFT marketplace. More recently, we saw Coinbase launching a social-media based marketplace in an attempt to offer something different to industry leaders like Open Sea and Rarity.
However, according to data tracked by Dune, there hasn’t been much traction for these platforms, with Coinbase reporting less than 1,000 users and a total trading volume of less than $500,000 since launch. With little more to say for Binance’s marketplace.
This is largely due to the market dominance of OpenSea, which accounts for $1.8 billion in trading during the same period. OpenSea is a complete platform and one that is trusted by the community, leading to a growing userbase and a strong DAO.
The Current State Of The Market And The Future For Kraken
The last month has been a turbulent one in the cryptocurrency market, and not just for cryptocurrency, with NFT trading volumes showing a similar downward trend. But, when the markets pick up again it will be interesting to see if these new platforms offered by major exchanges can draw NFT enthusiasts out of the grip of OpenSea.
A Kraken representative recently said that the NFT marketplace is expected to go live “in the next few months.” For now, the tweet from May 3rd is encouraging. You can join the waitlist for the upcoming launch now.