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.

Source

Alexander Stefanov