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Kraken to Shut Down NFT Marketplace by February 2025

by Sham
November 26, 2024
in BUSINESS, CRYPTO, NFT
Reading Time: 2 mins read
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• 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.

JUST IN: Kraken Exchange (@krakenfx) will shut down its NFT marketplace by February 27, 2025, to allocate resources to new products and initiatives pic.twitter.com/XZy9Uc7jBQ

— BlockNews (@blocknewsdotcom) November 26, 2024

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.

Tags: Crypto WinterKrakenKraken ExchangeNFT
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