The crypto exchange giant Kraken will be shutting down its NFT marketplace to free up resources for forthcoming projects, the company told The Block in a statement.
After Nov. 27, 2024, users will no longer be able to list, bid on or sell items on Kraken's NFT marketplace; they will only be able to withdraw assets. According to a release sent to users obtained by The Block, the marketplace will completely shut down on Feb. 27, 2025.
"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," a Kraken representative told The Block via email. "Clients have been informed of the changes and our team will support them as they move their NFTs to their Kraken Wallet or a self-custodial wallet of choice."
Kraken first teased launching its own NFT marketplace in December 2021, with the platform going live in beta by November 2022, The Block previously reported.
However, NFT sales have largely remained stagnant since the spring of this year. Though some projects, such as CryptoPunks, saw a recent uptick in trading volume, weekly NFT trading hasn't broken $200 million since April 2024, according to The Block's Data Dashboard.
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