Kraken, a major cryptocurrency exchange, has announced the closure of its NFT marketplace just over a year after its launch. The marketplace, which went live in beta in November 2022, will shift to withdrawal-only mode on November 27, 2024, and will cease operations completely on February 27, 2025. Users will no longer be able to engage in NFT transactions after November 27 but can withdraw their assets to Kraken Wallets or external wallets until the final shutdown in February. Kraken will provide support to assist users in transitioning their assets before the marketplace's closure. The decision to close the NFT platform reflects a broader trend of platforms reassessing their positions in the NFT sector due to market challenges. Despite initial optimism, the NFT market has struggled in 2024, with trading volumes remaining below $200 million per week since April and facing stiff competition from other marketplaces like OpenSea and Blur. Kraken's move indicates a shift towards other innovative projects as the future of the NFT market remains uncertain. Read more AI-generated news on: https://app.chaingpt.org/news

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