Kraken has decided to shut down its NFT marketplace in order to reallocate resources towards new projects.
The marketplace will enter withdrawal-only mode on November 27, 2024, and will be completely closed by February 27, 2025. This move will allow Kraken to focus on developing undisclosed new products and services.
Users are encouraged to transfer their NFTs to their own wallets or Kraken Wallets before the deadline. NFTs, which are unique digital or physical assets recorded on the blockchain, gained popularity during the crypto frenzy, but have faced challenges during the 2022 market downturn.
Kraken’s NFT marketplace, which was launched in beta mode in November 2022, aimed to capitalize on the growing interest in NFTs at the time. However, due to market conditions and changing priorities, the decision has been made to end the marketplace’s operations.
