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On Thursday, Kraken exchange announced the public launch of Kraken NFT. Kraken NFT is the exchange’s NFT marketplace where creators and buyers can discover, explore, and buy NFTs at no gas fees.

The ongoing crypto market decline has, without a doubt, affected the entire crypto industry. Besides, the trading volume of NFTs will have crashed by over 97% in 2022.

Beta Version Of Kraken NFT Goes Live

Yet, companies and individuals are still interested in NFTs. Therefore, Kraken exchange is building on this increased interest to launch the beta version of Kraken NFT.

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According to the company’s post, the NFT marketplace is for new and expert collectors. It will allow them to explore and trade NFTs and digital collectibles securely.

The team behind the project said Kraken NFT would first list over 110 NFTs. The 110 NFTs will comprise those NFTs with high trading volume in the market.

Afterwards, the company will vet the NFT collections using a thorough process. Also, only Solana and Ethereum-based NFTs will be part of the Kraken NFT safelist.

Kraken NFT promised to add support for more blockchains soon. Interestingly, Kraken NFTs offers rarity ranking, zero gas fees, and 200+ options for accounting funding.

Meanwhile, Kraken’s CEO, Jesse Powell, reacted to the news by saying:

“Kraken has always been a pioneer of diverse and free expression. NFTs are one way through which content creators monetize their work and connect with fans.”

Powell added that NFTs are one of the ways several users interact with crypto. Hence, the company has provided an NFT marketplace for users to explore.

Kraken Narrowly Escapes FTX Contagion

Notably, the Kraken exchange is among the crypto companies that have survived the ongoing bearish market. However, the company recently laid off 30% of its staff due to the market downturn.

In November, rumors alleged that the exchange had a huge exposure to the bankrupt FTX. However, Kraken denied the allegations through an official statement.

According to Kraken, the company had over 9,000 FTT on FTX, which went down with the company. In addition, the exchange said it had no ties with Alameda Research.

The latest beta release comes after the company recently launched Kraken Pro. Kraken Pro is a trading platform that offers professional traders sophisticated trading tools.

Kraken Pro asks features a modified user interface that allows traders to manage their portfolios. Also, they can easily access trading options like staking, margin trading, and spot trading.

According to Kraken, the new trading platform uses the latest technology to reduce latency. The company boasts that Kraken Pro supports over 220 cryptos and can handle increased demand.

Furthermore, there is another feature called real-time web trading. These upgrades aim to help enhance users’ experience.

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George Ward

By George Ward

George Ward is a crypto journalist and market analyst at Herald Sheets, known for his engaging articles on the latest digital currency trends. With a background in finance and journalism, he presents complex topics accessibly. George holds a degree in Business and Finance from the University of Cambridge.