Kraken, a prominent global cryptocurrency exchange, has revealed its decision to close its Non-Fungible Token (NFT) marketplace in order to redirect resources towards new projects. From November 27, 2024, users will no longer be able to list, bid, or sell NFTs, but they can still withdraw their assets until the complete shutdown on February 27, 2025.
Closure of Kraken’s NFT Marketplace
The exchange stated that it plans to concentrate on different priorities. A Kraken representative indicated through an email to The Block, “Our choice to end the NFT marketplace allows us to allocate more resources to new products and services, including some currently in development.” Users will still receive support to transfer their NFTs either to Kraken Wallets or to self-custodial wallets.
加密货币交易所 Kraken 宣布将于 2024 年 11 月 27 日停止其 NFT 市场的交易功能，并计划在 2025 年 2 月 27 日全面关闭市场。用户目前仅可提取资产。Kraken 表示，此决定旨在将资源转移至其他新产品和服务，包括尚未公布的计划。Kraken 于 2022 年 11 月推出 NFT 市场测试版，但由于今年以来 NFT…
— 吴说区块链 (@wublockchain12) November 26, 2024
The NFT marketplace was launched in beta in November 2022, following an announcement in late 2021. This closure occurs amidst a decline in NFT trading volumes. Although some specific collections, such as CryptoPunks, have seen sporadic spikes in activity, the general NFT market has struggled, with weekly trading volumes remaining below $200 million since April 2024.
In its communication to users, Kraken affirmed its dedication to a seamless transition for NFT holders. This decision underscores the exchange’s shift towards innovation in other sectors while the NFT market struggles for resurgence. However, enthusiasts of NFTs view this closure as a setback for Kraken, believing that the NFT market may experience a resurgence in the future.
