• Kraken is shutting down its NFT marketplace
• After November 27, 2024, users can only withdraw assets from Kraken’s NFT marketplace
• Kraken’s NFT marketplace will completely shut down on February 27, 2025
Kraken announced it will be shutting down its NFT marketplace by early 2025. The crypto exchange will shift resources from the NFT platform to other undisclosed projects currently in development.
NFT Marketplace Wind-Down Details
After November 27th, 2024, Kraken users will no longer be able to list, bid on, or sell NFTs on the marketplace. The only functionality still available will be NFT withdrawals.
According to a statement sent to Kraken users, the NFT marketplace will completely shut down on February 27th, 2025. A Kraken spokesperson confirmed the wind-down plans, telling The Block:
“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.”
Launch and Decline of Kraken NFT Marketplace
Kraken first announced plans to launch its own NFT marketplace in December 2021. The marketplace debuted in beta in November 2022.
However, NFT trading volume has dropped significantly since peaking in spring of 2024. The Block’s data shows weekly NFT trading volume has remained below $200 million since April.
Kraken is the latest crypto firm to shutter its NFT operations amid the ongoing crypto winter. The move allows Kraken to focus developer resources on other product offerings rather than continuing to operate an underperforming NFT marketplace.
