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Kraken has announced the closure of its nft marketplace to redirect resources towards new initiatives.
The market will move to withdrawal-only mode on November 27, 2024 and will cease trading completely on February 27, 2025, according to an email from Kraken seen by crypto.news.
Kraken explained that the closure will allow the company to focus on undisclosed “new products and services.” Users are urged to withdraw their nfts to self-custodial wallets or Kraken wallets before the February deadline.
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Kraken's support team will help users in the transition.
The fall of nfts
nfts, or non-fungible tokens, are unique blockchain assets that verify ownership of physical or digital items. While they gained popularity during the cryptocurrency boom, the market has struggled to recover since the 2022 bear market.
Kraken's nft marketplace, launched in beta in November 2022, aimed to take advantage of the growing interest in nfts at the time. However, market conditions and changing priorities have led to the decision to close operations.
