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Cryptocurrency exchange giant Kraken has announced plans to shut down its NFT marketplace as part of a strategic shift to reallocate resources to new and upcoming projects.
Effective November 27, 2024, users will no longer be able to list, bid on, or sell items on the platform. After that date, the marketplace will switch to a withdrawal-only mode, allowing users to transfer NFT assets. According to a communication shared with users, the marketplace will be completely shut down on February 27, 2025.
“We have made the decision to close our NFT marketplace so we can shift more resources to new products and services, including unannounced initiatives in development. Our customers have been notified of the changes and our team will support them as they move their NFTs to their Kraken Wallet or a wallet of their choice,” a Kraken representative said in a statement.
Kraken first introduced its NFT marketplace in November 2022, following a beta launch in December 2021. The platform aimed to capitalize on the NFT hype but struggled to gain significant traction amid the cooling market.
*This is not investment advice.