Kraken Launches its NFT Marketplace with Polygon Integration

Kraken Launches its NFT Marketplace with Polygon Integration
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As per recent development, Kraken is geared up to launch its NFT marketplace on the Polygon Network, making it easy for anyone to access. The exchange announced that the Kraken NFTs have transitioned out of the beta phase, and are now ready for a proper launch. The marketplace would support 250 NFTs across Ethereum, Solana, and Polygon blockchains, compared to the initial offering of 70 NFTs on Ethereum and Solana. 

However, a noticeable feature of the new marketplace is the gasless experience. This suggests that a user will not be required to pay a fee for transactions when buying or selling NFTs on the platform. Gas fees would only be charged when these assets are transferred on and off the platform. 

A number of NFT platforms in the crypto space today deem it mandatory for users to have a crypto wallet prior to purchasing digital collectibles. However, the Kraken platform has simplified the situation by accepting both fiat and cryptocurrencies. This means that it would become possible for users to bid on a certain NFT even if they do not own any tokens.  

As long as users with wallets are concerned, the NFT marketplace currently supports MetaMask and Phantom. However, there are plans to offer compatibility with WalletConnect any time soon as well. Kraken’s decision revolving around the launch of its NFT program comes in the middle of increased regulatory crackdowns in the crypto space. Similarly, competition within the NFT world continues to stay fierce, with leaders like OpenSea and Blur dominating the entire space.

The Polygon Integration for the Kraken NFT Marketplace

Kraken regarded Polygon to be the fastest-growing blockchain for the crypto space and also revealed that it would now be accessible from the Kraken NFT marketplace itself. Furthermore, the NFT collection on the Kraken platform includes a series of projects that include CryptoPunks and Bored Ape Yacht Club.

Kraken stated,

“We launched Kraken NFT with ecosystem defining collections — from groundbreaking projects like CryptoPunks and Bored Ape Yacht Club to cult-favorites like Mfers and CrypToadz.”

Kraken has been in the spotlight since February 2023 as a result of the SEC’s probe against the platform for potential violation of the securities law, as well as for offering unregistered securities. However, Kraken has remained in Canada despite the increased level of the crackdown, whereas its competitors like Binance and OKX have bid farewell to the market.


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