The cryptocurrency exchange Kraken has announced it is closing its NFT marketplace, just over a year after its full launch. Starting on Nov. 27, the platform will enter a withdrawal-only mode, giving users three months to transfer their NFTs before the marketplace shuts down entirely.
In a statement, Kraken said the decision aims to free up resources for new and developing projects, including undisclosed initiatives. The marketplace, launched in June 2023 after beta testing, initially offered over 250 NFT collections and allowed gas-free transactions for buyers and sellers.
Kraken has assured users they will be supported in moving their NFTs to their Kraken Wallets or self-custodial wallets of their choice.
Summary Review: Kraken is shifting its focus to new projects and closing its NFT marketplace, with operations transitioning to withdrawal-only mode on Nov. 27. Users have until February to transfer their NFTs. The move reflects Kraken’s strategic pivot toward other innovations.
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