When a Kraken official informed The Block in December that Kraken will be launching NFT services in the near future, the first rumblings of an NFT platform were heard. According to a blog post by Kraken NFT, an “effective way of dealing for adventuring, curating, and securing your NFT collection” will be available in the near future:
The goal is to make NFT trading and custody as smooth as possible. Users’ Kraken accounts will be linked to the platform, allowing them to purchase and sell NFTs with either cash or crypto. Any fiat or cryptocurrency supported by Kraken may be used by sellers to list NFTs and any currency supported by Kraken can be used by buyers to bid on the NFTs.
With Creator Earnings, Kraken aims to pay artists a share of the selling price for their NFTs on the secondary market if they want to participate.
It will include built-in capabilities to assess and characterise the rarity of individual tokens relative to other tokens in the collection. The details of what would be included in these measurements were not included in the statement.
Trades with Kraken will incur no gas costs for NFTs held on the Kraken platform, however, transfers of NFTs and crypto off of the platform will incur gas fees. At launch, the platform will only handle Ethereum and Solana, but other blockchains will be added in the future.
It was announced by Kraken CEO Jesse Powell in late December of last year that the platform will be providing services that would enable clients to extract more value from their NFT collections. NFT-collateralized loans were one of his first platform suggestions. The functional capabilities of NFTs were not discussed in today’s article.
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