Kraken to Shut Down NFT Marketplace by February 2025
Date: 2024-11-27 Author: Henry Casey Categories: CRYPTO PAYMENTS
The platform will switch to withdrawal mode on November 27, 2024, and will cease operations completely on February 27, 2025. Information about this is contained in a letter from the company provided to crypto.news.
Kraken explained that the decision to close is due to a desire to direct resources to the development of new products and services, the details of which are not yet disclosed. Users are advised to transfer their NFTs to self-storage wallets or Kraken wallets before the specified deadline.
To simplify the transition process, the Kraken support team will provide the necessary assistance to users.
NFTs, or non-fungible tokens, are unique digital assets on the blockchain that confirm ownership of virtual or physical objects. Despite their rapid rise in popularity during the crypto boom, the NFT market has yet to recover from the 2022 crisis.
Kraken, an NFT marketplace, launched in November 2022 as a test marketplace to take advantage of the increased interest in the technology. However, changing market conditions and the company's priorities led to the decision to cease operations.
