The Kraken NFT market has launched a waiting list for beta

The nonfungible token, or NFT, marketplace of crypto exchange Kraken has opened a beta waitlist more than four months after CEO Jesse Powell announced the project.

According to a Tuesday blog post from Kraken, the exchange has opened up a waiting list for its marketplace, which will enable customers to buy and sell NFTs as well as utilize tokens as collateral for loans. Users will not be charged any gas fees when trading NFTs that are custodied with Kraken; only transferring tokens and NFTs off the platform incurs gas costs. Furthermore, the marketplace at Kraken will use a “rarity score” based on “traits and features that make every NFT unique” in order to provide incentives to contributors.

A Kraken representative informed Cointelegraph that security would be the “primary” concern of users when using NFT trading platforms. The exchange also expressed a desire to distinguish itself by offering a “high-quality product” of NFTs, which it acquired by vetting collections and creating sufficient liquidity in the market.

The NFT market is still in its early stages, and it’s nestled between the Bitcoin blockchain and Ethereum. Kraken, one of a few crypto exchanges attempting to get involved with the NFT industry, launched in January 2019. In April 2019, Coinbase’s Social Engagement-Focused NFT Market — which allows users to trade NFTs cross-chain on the Solana (SOL) and Ethereum (ETH) blockchains — moved into beta with over 8.4 million email addresses on its waiting list. In September 2021, FTX and its United States affiliate introduced a marketplace that allows consumers to trade NFTs across chains on the Solana (SOL) and Ethereum (ETH) blockchains, while Binance also launched.

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