Kraken to Shut Down NFT Marketplace by February 2025

Kraken, the popular cryptocurrency exchange, has announced the closure of its NFT marketplace, redirecting resources toward other initiatives. According to a company email, the marketplace will enter withdrawal-only mode on November 27, 2024, and will fully cease operations by February 27, 2025. Users are encouraged to withdraw their NFTs to self-custodial wallets or Kraken Wallets before the February deadline. Kraken’s support team will be available to assist during the transition.

Reason for Closure

The decision to shut down the NFT marketplace comes as Kraken shifts focus to new products and services, though specific details about these upcoming initiatives have not been disclosed.

NFT Market Struggles

The move also reflects the broader struggles in the NFT market, which boomed during the crypto market highs but has faced a downturn since the 2022 bear market. Kraken’s NFT marketplace, which was launched in beta in November 2022, was part of the company’s effort to capitalize on the NFT craze. However, market conditions have shifted, and Kraken has chosen to wind down operations as part of its evolving strategy.

The closure of Kraken’s NFT marketplace highlights the volatility of the NFT space and the challenges platforms face in maintaining profitability amidst shifting market sentiment.