Kraken is closing its NFT marketplace just a year after its launch. Starting November 27, the platform will switch to withdrawal-only mode, allowing users three months to move their NFTs before it shuts down completely. Kraken aims to focus its resources on developing new products and services. The marketplace, which launched fully in June 2023, initially offered over 250 NFT collections without gas fees. Despite the closure, Kraken's decision comes amid a market slump and stiff competition from platforms like OpenSea and Blur. Legal uncertainties around NFTs also loom, with Kraken previously facing regulatory scrutiny.