A cryptocurrency firm plans to completely halt the operation of its NFT marketplace early next year, a decision that might have a great impact on the NFT space.
Analysts find this move of Kraken somewhat unexpected, raising questions on what the future holds for NFTs considering Kraken is a major player in these type of tokens.
Closing Down On February 2025
The crypto platform Kraken made the tough decision of shutting down its marketplace on February 27, 2025, bidding goodbye to all those who patronize the marketplace.
Officials of the crypto firm said that starting November 27, the majority of NFT’s marketplace will be terminated such as bidding, listings, and selling of NFTs, as the marketplace gradually prepares to close its doors by the first quarter of 2025.
However, the crypto platform clarified that even though many of the marketplace’s services will no longer be available, its users can still withdraw their funds before February 27, 2025.
Kraken is shutting down its NFT marketplace almost two years after the platform was launched, saying it’s shifting more resources into new products and services https://t.co/JNnbYqjhoL
— Bloomberg (@business) November 26, 2024
Kraken Eyes Developing New Products
A Kraken spokesperson has confirmed the company’s decision and the fate of its marketplace next year.
The Kraken official said that it was one of the difficult choices they have to make considering how much the NFT marketplace has been part of the crypto firm.
The spokesperson explained that closing down its marketplace would allow the crypto company to explore new avenues, adding that the firm also wants to develop new product
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Author: Christian Encila
