The renowned Cryptocurrency exchange Kraken announced the closure of its NFT market with the aim of redirecting resources towards new products and services in development, as reported by The Block.
NFT Market Closing Schedule
The closing process will take place in two stages:
Kraken has encouraged its users to move their assets to the Kraken Wallet or a self-custody wallet of their choice, offering support during this transition.
Reasons behind the closure
A Kraken representative explained that the decision responds to the need to free up resources to focus on products and services not yet announced. This is part of the company’s strategy to innovate and expand its offering beyond the NFT market, which has shown signs of stagnation.
NFT Market Landscape
The NFT market has seen a significant slowdown in 2024. Despite a recent surge in volume from projects like CryptoPunks, weekly NFT trading figures have not exceeded $200 million since April, according to The Block data dashboard .
Kraken launched its NFT platform in beta in November 2022, after announcing the project in December 2021. However, current market conditions have led the company to reevaluate its approach and prioritize initiatives more aligned with industry trends. .
With this decision, Kraken seeks to strategically position itself in a constantly evolving crypto environment, focusing on innovations that promise greater impact in the future.
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