Kraken, a U.S.-based cryptocurrency exchange, has announced it will shut down its NFT marketplace.
The closure will begin on November 27 with the platform entering a withdrawal-only mode, and the process will conclude on February 27 of the following year.
This decision marks a significant shift for Kraken as it reallocates resources to other services and initiatives amid changing market conditions.
Kraken has stated that the closure is part of a strategic decision to focus on other products and services.
Whilst the NFT marketplace was launched in May 2022 during a surge in NFT popularity, shifting market dynamics and internal priorities have led to its discontinuation.
Despite stepping back from NFTs, Kraken continues to expand its offerings. Recently, the platform introduced an explore page and an in-app browser within its non-custodial wallet, aiming to enhance user access to dApps. Additionally, Kraken has announced plans to launch its own blockchain in 2025.
Starting November 27, the NFT marketplace will transition to a withdrawal-only mode.
Users will no longer be able to list, buy, or sell NFTs. Instead, they will have until February 27, 2025, to transfer their NFTs to self-custodial wallets or other platforms of their choice. Kraken has emphasized the importance of withdrawing assets before the deadline, as the marketplace will be permanently closed after that date.
Users are encouraged to take action promptly to ensure their assets are securely transferred ahead of the platform’s final shutdown.
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