Hassan Maishera
TL;DR
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Kraken has shut down its NFT marketplace to enable it to free up resources for other projects.
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The crypto exchange will completely shut down on Feb. 27, 2025.
Kraken to Shut Down its NFT Marketplace
Cryptocurrency exchange Kraken has revealed that it will shut down its NFT marketplace to free up resources for forthcoming projects.
In a statement shared with The Block, Kraken said after Nov. 27, 2024, users will no longer be able to list, bid on, or sell items on its NFT marketplace. Users would only be allowed to withdraw their assets after November 27th. The marketplace will completely shut down on Feb. 27, 2025. The crypto exchange added that,
"We've made the decision to close our NFT marketplace so we can shift more resources into new products and services, including unannounced initiatives in-development. Clients have been informed of the changes, and our team will support them as they move their NFTs to their Kraken Wallet or a self-custodial wallet of choice."
The Kraken NFT marketplace went live in December 2021, with the beta version launching in November of the following year. However, despite the bullish condition of the broader crypto market, NFT sales have remained stagnant since the spring of this year.
