In order to focus more on the development of new products, the cryptocurrency exchange Kraken announced it will close its NFT market, which has been launched for less than two years, and concentrate resources on upcoming new projects.
Kraken stated that starting from November 27 of this year, users will no longer be able to list, bid on, or sell any NFTs on the exchange's NFT platform. After the trading service is closed, users will only be able to withdraw their assets.
According to a notice sent by Kraken to users, the NFT platform will be completely shut down on February 27, 2025. A Kraken spokesperson stated in a statement:
We have decided to close the NFT market in order to allocate more resources to new products and services, including some projects that are still in development. We have notified customers, and the team will assist users in transferring NFTs to Kraken wallets or self-custody wallets of their choice.
Kraken first revealed its plan to enter the NFT market in December 2021 and officially launched the beta version of the NFT market in November 2022. However, the NFT market has gradually fallen into a slump since this spring. Although the trading volume of a few NFT projects, such as CryptoPunks, has recently picked up, the weekly trading volume of the NFT market has not exceeded $200 million since April of this year.
"Launched less than 2 years! Kraken announces closure of NFT market to focus on new product development" This article was originally published on (BlockBeats).