Kraken is the latest crypto exchange to join the NFT craze. The crypto marketplace announced Tuesday that it has opened a waitlist for Kraken NFT, where users can buy, sell and store their tokens.
The move follows rival Coinbase’s beta launch last month of its own NFT marketplace, which underlined the growing competition in the fast-growing sector that’s been dominated by OpenSea. The NFT market was estimated to be worth more than $40 billion in 2021.
Like Coinbase, Kraken is touting how it is aiming to make NFT transactions more user-friendly.
“Non-fungible tokens have redefined the concepts of digital expression, culture and ownership for creators and collectors alike,” Kraken said in a blog post. “But the fast-changing, complex ecosystem has made it difficult for many to join in the excitement of the space.”
Kraken said it will not charge transaction fees — known as gas fees when trades are on the Ethereum blockchain — on NFT trades on its marketplace, although it will charge them “when transferring NFTs and other crypto assets on and off" Kraken's marketplace.
Coinbase does not charge sales fees on NFTs, but gas fees may apply based on “the amount of congestion on the Ethereum network,” Coinbase said.
Kraken said users will also be able to pay with cash or crypto for NFT transactions. Kraken supports more than 120 cryptocurrencies.
Kraken is the fourth-largest crypto marketplace, after Binance, Coinbase and FTX, according to CoinMarketCap. The company said it has more than 9 million clients, and recorded $601 billion in transactions in 2021 and about $112 billion so far this year.
Update: This story was updated on May 3 to include more details on Coinbase's handling of NFT transaction fees.