Cryptocurrency exchange Kraken announced today that it will be closing its NFT marketplace to redirect resources towards other initiatives. The decision comes as the NFT market experiences a period of relative stagnation.
According to a statement provided to The Block, users will no longer be able to list, bid on, or sell NFTs on Kraken’s platform after November 27, 2024. However, they will retain the ability to withdraw their assets. A subsequent release to users, obtained by The Block, indicates the marketplace will fully cease operations on February 27, 2025.
A Kraken representative explained the decision, stating, “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.” The representative assured users that Kraken will provide support during the transition, assisting them in moving their NFTs to either their Kraken Wallet or a self-custodial wallet.
Kraken initially hinted at launching its NFT marketplace in December 2021, with the platform eventually entering beta testing in November 2022, as previously reported by The Block.
Despite initial enthusiasm, the NFT market has cooled considerably since the spring of 2024. While certain projects like CryptoPunks have seen recent increases in trading volume, overall weekly NFT trading volume has remained below $200 million since April 2024.
