Discover the latest news: Kraken, a renowned cryptocurrency exchange, has officially unveiled its NFT market, offering over 250 exclusive sets of non-fungible tokens to users. Explore the opportunities in this exciting new platform.
It’s official: Kraken, a well-known cryptocurrency exchange, has now opened the doors to its NFT market. The platform launched it with more than 250 exclusive sets of non-fungible tokens.
Kraken NFT Marketplace: Users pay no gas costs
San Francisco-based Kraken, a controlled exchange, has now opened up access to its NFT market. As expected, the marketplace launched with an extensive selection of over 250 distinct NFT collections.
Furthermore, the uniqueness of the new market lies in its lack of transaction fees, where users can buy or sell digital assets on the platform without incurring any gas fees.
And this holds true regardless of the state of the market. However, there will be a gas tax for bringing and taking digital assets into the network.
With the debut of a public beta version of its testnet in November of last year, Kraken’s NFT marketplace has been under development for more than a year. The marketplace supported Solana and Ethereum NFT collections during the beta stage.
Polygon digital collectibles were added to the marketplace’s selection once it went public. Among these are well-known products like “red-hot Reddit collectible avatars.”
Kraken: Even non-crypto professionals will find it to be a user-friendly marketplace
We can see that Kraken’s proposed NFT marketplace seeks to be user-friendly for novice bitcoin traders in addition to having other new features.
As we all know, the majority of NFT platforms now demand that users have a cryptocurrency wallet in order to buy digital items.
Kraken’s platform sets itself apart by allowing customers to bid on an NFT even if they do not have any tokens by taking both money and cryptocurrencies.
With intentions to eventually link to WalletConnect, Kraken’s NFT marketplace now supports MetaMask and Phantom for users with cryptocurrency wallets.
It’s significant that Kraken chose to introduce its NFT platform at a time when the American government is tightening its control over centralized exchanges.
In fact, the NFT business is still highly competitive, with OpenSea and Blur leading the sector.
Is Coinbase facing SEC charges as part of a campaign against centralized exchanges?
As previously mentioned, Coinbase, one of the leading exchanges in the sector, was sued by the Securities and Exchange Commission (SEC), with the complaint filed against Binance occurring just one day prior.
The SEC asserts in the action, filed on June 6, that Coinbase operated as an unregistered exchange. The SEC filed a lawsuit against Coinbase and its holding company, CGI, specifically alleging the following:
“Cinbase has operated as an unregistered broker through the Coinbase platform since at least 2019, soliciting potential investors, managing client funds and assets, and charging transaction-based fees,” according to the report.
Additionally, the SEC asserts that Coinbase’s staking services are unlawful under the Securities Act of 1933 because they include five cryptocurrencies, each of which functions as an investment contract and a security.
As a result, according to the SEC, Coinbase failed to make sure that the cryptocurrency sold did not pass the Howey test and qualify as securities.
Unfortunately, this legal dispute between Coinbase and the SEC is simply the most recent development in that conflict. In order to obtain regulatory clarity, Coinbase sued the SEC after receiving a Wells notice from the SEC earlier this year.
The regulator declared that Coinbase cannot seek regulatory clarity after the court ordered the SEC to react.