As a seasoned researcher who has witnessed the rise and fall of numerous crypto projects, I find Kraken’s decision to shutter its NFT marketplace a reflection of the volatile and dynamic nature of this industry. Having closely followed Kraken since its early days, it’s fascinating to see how the company continues to adapt and evolve with market trends.
Kraken, a well-known platform, has declared they will be closing their Non-Fungible Token (NFT) marketplace. Instead, they plan to channel their resources into fresh projects and ventures.
According to an email received by Kraken and reported by crypto.news, the marketplace will shift into a withdrawal-only phase on November 27, 2024, and it will completely shut down its operations on February 27, 2025.
Kraken made it clear that the shutdown is necessary so they can concentrate on unannounced “novel offerings” in the future. They strongly advise users to transfer their NFTs into personal, offline wallets or Kraken Wallets before the cutoff date in February.
BREAKING: Kraken to shutter its NFT marketplace
— Bryptos (@Bryptos_) November 26, 2024
Kraken’s support team will assist users in the transition.
The downfall of NFTs
Nonfungible tokens (NFTs) serve as distinctive, blockchain-verified proofs of possession for either digital or tangible goods. They experienced a surge in popularity amidst the cryptocurrency craze; however, the market has faced challenges in bouncing back post the 2022 bear market.
Kraken’s NFT marketplace, initially introduced in a beta phase last November, was designed to capitalize on the increasing enthusiasm for NFTs. Unfortunately, due to evolving market circumstances and changes in focus, it has become necessary to discontinue the operation of this marketplace.
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2024-11-26 22:49