Launched in June 2023, Kraken, a well-known cryptocurrency exchange, plans to shut down its non-fungible token (NFT) platform. The platform will switch to withdrawal-only mode on November 27, 2024, with a final closure slated for February 2025.
The decision to close the marketplace came as Kraken shifted its attention to new, undisclosed products and services. The company sent subscribers an email asking them to transfer their NFTs to Kraken wallets or self-custodial wallets before the deadline. The Kraken support team will be available to help users throughout the process.
While the NFT market expanded significantly during the cryptocurrency boom, it has faced hurdles in recent years, particularly since the 2022 market slump. This shift in objectives, combined with persistent problems in the NFT field and competition from established platforms like OpenSea, prompted Kraken to close its marketplace. Despite this, Kraken continues to look for new prospects, including entering the stablecoin market and extending its institutional offerings.
Kraken’s closure of the NFT marketplace exemplifies the changing dynamics of the crypto business, and the company intends to adapt by focusing on efforts that correspond with current market trends.
