Kraken to close NFT marketplace by February 2025

Kraken announced the closure of its NFT marketplace to redirect resources to new ventures.

According to an email from Kraken seen by Crypto.news, the market will switch to withdrawal-only mode on November 27, 2024, and will cease operations completely on February 27, 2025.

Kraken explained that the closure will allow the company to focus on undisclosed “new products and services.” Users are asked to withdraw their NFTs to their custodial wallet or Kraken Wallet before the February deadline.

Kraken’s support team will assist users with the migration process.

The collapse of NFTs

NFTs, or non-fungible tokens, are unique blockchain assets that verify ownership of digital or physical items. Although they gained popularity during the crypto boom, the market has struggled to recover since the 2022 bear market.

Kraken’s NFT marketplace, which launched in beta in November 2022, aimed to capitalize on the growing interest in NFTs at the time. However, market conditions and changing priorities led to the decision to cease operations.