Kraken, the well-known global cryptocurrency exchange, announced it will shut down its NFT marketplace by February 27, 2025. This decision comes as the company pivots its focus toward blockchain development. The platform has already stopped accepting new NFT listings, and users can only withdraw their assets until the closure. Kraken’s move marks a major shift in strategy, especially considering the NFT space’s struggles over the past year.
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A Kraken spokesperson confirmed the platform’s closure of its NFT marketplace, stating, “We’ve decided to shut down the NFT marketplace to redirect resources towards new products and services, including some unannounced projects currently in development.” They added that clients have been notified of the changes and that Kraken’s team will assist them in transferring their NFTs either to their Kraken Wallet or to a self-custodial wallet of their choice.
NFT Market Struggles Push Kraken to Rethink Priorities
The NFT marketplace once soared in popularity, peaking in 2021 and early 2022. However, as the market cooled, Kraken joined the ranks of other platforms reconsidering their NFT ventures. While many have pulled back on NFTs, Kraken’s pivot towards blockchain tech stands out. Instead of focusing on a sector facing a significant downturn, Kraken is doubling down on decentralized finance (DeFi) and blockchain innovation, according to CoinTelegraph.
The exchange is gearing up to launch its own blockchain in early 2025. This is aimed to enhance decentralized applications (dApps) while avoiding the speculative volatility associated with native tokens. Kraken’s decision to prioritize blockchain development is closely tied to its goal of offering more robust DeFi services.
