Kraken will offer a GAS-free NFT market

The popular cryptocurrency exchange platform, Kraken, has announced that it will create an NFT marketplace without GAS, the fees users have to pay to use the blockchain, and that for many users is annoying.

Kraken, founded in 2011 and based in the United States, offers exchange or trading of cryptocurrencies to fiat money, besides providing price information. In 2021, Kraken is available to residents of 177 countries, including all Spanish-speaking countries except for Cuba, and has 72 cryptocurrencies listed for trading.

To get an idea of how high GAS rates are in some exchanges, recently the sale of land in the OtherSide metaverse burned about 176 million dollars in GAS rates.

With this in mind and listening to users’ discomfort, Kraken decided to take the risk and offer an NFT market without GAS tariffs.

OpenSea is not the only large NFT market out there. Recently, many large cryptocurrency exchanges have entered space, such as Binance, Coinbase or FTX.

While more and more cryptocurrency exchanges are developing their own NFT markets, traditional markets like OpenSea remain undefeated. The reason is that OpenSea still has no competition, as CEX NFT markets are no better.

Kraken

Kraken and it’s NFT market.

Kraken, for its part, is preparing a strong and impactful NFT market that can withstand the supremacy of OpenSea, in contrast to its competitive style.

The Kraken NFT market will be very vendor friendly. Not only cryptocurrencies, but sellers can also list their NFT in the Kraken NFT Market in fiat currencies as well.

To be precise, apart from cryptos, they will be able to sell their NFT directly in USD, AUD, CAD.

Apart from that, Kraken will also provide the seller with an extra commission. Let’s say you list an NFT on the market and it goes on sale. If this sold NFT is resold to another buyer, the original seller will receive part of the sale.

One of the biggest rejections that have received the GAS rates, took the sale of Bored Ape Yacht Club Land NFT within the metaverse OtherSide, this due to the extreme demand, prices reached extraordinary levels. This has led people to see the price of GAS as an unnecessary expense.

Kraken promises not to charge any gas fees on any of NFT’s transactions on the market. They have learned from recent events.

Kraken

What is the GAS?

GAS refers to the unit of measurement of the amount of computational effort required to execute specific operations in the blockchain.

Since each transaction requires computational resources to run, each transaction requires a commission. GAS refers to the commission required to complete a successful blockchain transaction.

For more information visit the official website of the platform

--

--

Tus mejores aliados estratégicos para la digitalización de tu marca.

Love podcasts or audiobooks? Learn on the go with our new app.

Get the Medium app

A button that says 'Download on the App Store', and if clicked it will lead you to the iOS App store
A button that says 'Get it on, Google Play', and if clicked it will lead you to the Google Play store