Catenaa, Saturday, November 30, 2024-Crypto exchange Kraken has announced it will shut down its NFT marketplace to prioritize resources for upcoming projects.
The platform, launched in beta in November 2022, will cease operations by February 27, 2025.
Since November 27, 2024, Kraken users are no longer be able to list, bid, or sell NFTs.
The marketplace will remain open for withdrawals until the full shutdown next year. Kraken officials explained the decision is part of a strategy to shift focus toward new products and services in development.
Kraken said it had made the decision to close our NFT marketplace to reallocate resources into exciting, unannounced initiatives
Users will be guided to transfer their NFTs either to Kraken wallets or self-custodial wallets.
The closure comes amid a broader downturn in the NFT market, with sales stagnating since spring 2024.
While some high-profile projects, like CryptoPunks, have seen upticks in trading volume, overall weekly NFT trading has remained below $200 million since April 2024.
