Kraken to Shut Down NFT Marketplace, Shifting Focus to New Projects

Kraken, one of the leading cryptocurrency exchanges, has announced the closure of its NFT marketplace, citing a strategic shift in focus.

Starting November 27, 2024, users will no longer be able to list, bid on, or sell NFTs. Following this date, the platform will enter a “withdrawal-only” phase, enabling users to transfer their assets.

The full shutdown is scheduled for February 27, 2025.

The decision to close the marketplace is part of Kraken’s plan to reallocate resources to upcoming projects and new initiatives that are currently in development.

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A company spokesperson mentioned that users have been informed of the changes and will receive assistance in transferring their NFTs either to their Kraken Wallet or other compatible wallets.

Kraken’s NFT marketplace initially launched in November 2022, after a beta phase in December 2021, but struggled to gain momentum as the NFT market began to slow down.

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Alexander Stefanov

With over 8 years of experience in the cryptocurrency and blockchain industry, Alexander is a seasoned content creator and market analyst dedicated to making digital assets more accessible and understandable. He specializes in breaking down complex crypto trends, analyzing market movements, and producing insightful content aimed at educating both newcomers and seasoned investors. Alexander has built a reputation for delivering timely and accurate analysis, while keeping a close eye on regulatory developments, emerging technologies, and macroeconomic trends that shape the future of digital finance. His work is rooted in a passion for innovation and a firm belief that widespread education is key to accelerating global crypto adoption.