Kraken to Close NFT Marketplace, Pivots Toward New Innovations

Kraken, a leading cryptocurrency exchange, has announced plans to shutter its NFT marketplace as part of a strategic shift toward future initiatives. The platform will cease all listing, bidding, and selling functionalities after November 27, 2024, with a complete shutdown scheduled for February 27, 2025.

In a statement to The Block, Kraken explained that reallocating resources from its NFT platform would allow the company to focus on developing new products and services. "We’ve decided to close our NFT marketplace to concentrate on unannounced initiatives currently in development," a company representative shared. "Clients have been informed, and our team is ready to assist them in transitioning their NFTs to the Kraken Wallet or a self-custodial wallet."

Kraken’s NFT marketplace launched in beta in November 2022, following its announcement in December 2021. Despite initial optimism, the NFT market has struggled in recent months, with weekly trading volumes consistently falling below $200 million since April 2024.

This decision comes as the broader NFT landscape shows signs of stagnation, with only select projects like CryptoPunks experiencing notable activity. Kraken’s move underscores a growing trend among crypto platforms to reassess their focus amid shifting market dynamics.