Kraken to close NFT marketplace by February 2025

Kraken has introduced the closure of its NFT market to focus sources on new initiatives.

{The marketplace} will transition to withdrawal-only mode on November 27, 2024, and shut down utterly on February 27, 2025, in keeping with an electronic mail from Kraken seen by crypto.information.

Kraken defined that the closure will permit the corporate to concentrate on undisclosed “new services.” Customers are urged to withdraw their NFTs to self-custodial wallets or Kraken wallets earlier than the February deadline.

Kraken’s help workforce will help customers with the transition.

The demise of NFTs

NFTs, or non-fungible tokens, are distinctive blockchain belongings that confirm possession of digital or bodily objects. Though they gained recognition in the course of the crypto increase, the market has struggled to get better for the reason that 2022 bear market.

Launched in beta in November 2022, Kraken’s NFT market aimed to capitalize on the rising curiosity in NFTs on the time. Nevertheless, market situations and shifting priorities have led to the choice to scale down operations.