Kraken to Cease NFT Marketplace Operations

Kraken has announced its decision to shut down its NFT marketplace, redirecting resources toward new initiatives. The marketplace will transition into withdrawal-only mode on November 27, 2024, and fully cease operations on February 27, 2025.

According to Kraken, the closure will allow the company to focus on developing new products and services. Users are advised to withdraw their NFTs to self-custodial wallets or Kraken Wallets before the February deadline to avoid any potential issues.

Assistance and Support

Kraken’s support team will be available to assist users in the transition, ensuring a smooth experience for those affected by the closure.

Background on NFTs

NFTs, or non-fungible tokens, are unique blockchain assets that verify ownership of digital or physical items. Despite their popularity during the crypto boom, the NFT market has struggled to recover since the 2022 bear market.

Kraken’s NFT Marketplace

Kraken’s NFT marketplace, launched in beta in November 2022, aimed to capitalize on the growing interest in NFTs at the time. However, due to shifting market conditions and priorities, the decision was made to wind down operations.

Users are urged to take necessary action to secure their NFTs before the deadline.

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Key tips for NFT holders:

  • Withdraw your NFTs to self-custodial wallets or Kraken Wallets before February 27, 2025.
  • Seek assistance from Kraken’s support team if needed.
  • Stay informed about market conditions and updates on NFTs and other cryptocurrencies.
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