Kraken to Begin Shutdown of NFT Marketplace

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display-6"> Kraken to Begin Shutdown of NFT Marketplace </h1> <div class="post-info-right left relative article-author-box mb-2"> <div class="post-info-name"> <div class="row"> <div class="col-6 my-auto"> <span class="post-info-text small muted text-uppercase">By</span> <span class="author-name vcard fn small muted text-uppercase fw-bold" itemprop="author"> <a href="https://www.pymnts.com/author/pymnts/" title="Posts by PYMNTS" rel="author">PYMNTS</a> </span> <span class="small muted d-none d-md-inline"> | </span> <span class="small muted text-uppercase d-block d-md-inline">November 26, 2024</span> </div> <div class="col-6 text-end my-auto">  <a href="https://www.facebook.com/sharer.php?u=https://www.pymnts.com/nfts/2024/kraken-to-begin-shutdown-of-nft-marketplace/&t=Kraken+to+Begin+Shutdown+of+NFT+Marketplace" title="Share on Facebook"><i class="bi bi-facebook me-1 text-dark"></i></a><a href="https://twitter.com/share?text=Kraken+to+Begin+Shutdown+of+NFT+Marketplace 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Check it out: https://www.pymnts.com/nfts/2024/kraken-to-begin-shutdown-of-nft-marketplace/"><i class="bi bi-envelope-fill ms-1 me-0 ms-1 me-md-1 text-dark"></i></a> <span class="d-none d-md-inline"> | </span> <span class="d-block d-md-inline"> <button class="d-none d-lg-inline-block noHover audioPlay border-0 px-0 article-play-button fw-normal py-1 my-0" type="button" value="Play"> <i class="bi bi-play-circle-fill mx-1 text-dark"></i></button> <button class="d-lg-none noHover audioPlay border-0 px-0 article-play-button fw-normal py-1 my-0" type="button" value="Play"><span class="listenToArticle small text-uppercase"></span><i class="bi bi-play-circle-fill text-dark mx-1"></i></button> <button class="noHover audioPause border-0 px-0 article-pause-button py-1 my-0"><i class="bi bi-pause-circle-fill text-dark mx-0"></i></button> </span> </div></div> </div> </div> <div id="post-feat-img" class="left relative mb-3"> <img class="py-desktop w-100 h-auto pymnts-featured-sm-image " width="1000" height="600" alt="" src="https://www.pymnts.com/wp-content/uploads/2024/11/Kraken-NFT.jpg?w=768" /> </div> <div class="post-feat-text"> </div>  <div id="pymnts-content2298780" class="single lh-article mt-1 lnk-article"> <p><span data-preserver-spaces="true">Cryptocurrency exchange </span><a class="editor-rtfLink" href="https://www.kraken.com/" target="_blank" rel="noopener"><span data-preserver-spaces="true">Kraken</span></a><span data-preserver-spaces="true"> reportedly </span><span data-preserver-spaces="true">is shutting</span><span data-preserver-spaces="true"> down its non-fungible token (NFT) marketplace, saying it will </span><span data-preserver-spaces="true">move more resources into</span><span data-preserver-spaces="true"> new offerings.</span></p> <p><span data-preserver-spaces="true">The</span><span data-preserver-spaces="true"> company unveiled its NFT marketplace about two years ago</span><span data-preserver-spaces="true">, during which</span><span data-preserver-spaces="true"> time NFTs fell along with the crypto bear market but have not recovered as well as bitcoin and other tokens have</span><span data-preserver-spaces="true">, Bloomberg </span><a class="editor-rtfLink" href="https://www.bloomberg.com/news/articles/2024-11-26/crypto-exchange-kraken-shuts-down-nft-marketplace?sref=zNmRQ0gk" target="_blank" rel="noopener"><span data-preserver-spaces="true">reported</span></a><span data-preserver-spaces="true"> Tuesday (Nov. 26)</span><span data-preserver-spaces="true">.</span></p> <p><span data-preserver-spaces="true">Kraken will transition the NFT marketplace to withdrawal-only mode on Wednesday (Nov. 27) and </span><span data-preserver-spaces="true">completely</span><span data-preserver-spaces="true"> close it in three months, Cointelegraph </span><a class="editor-rtfLink" href="https://cointelegraph.com/news/kraken-winds-down-nft-marketplace" target="_blank" rel="noopener"><span data-preserver-spaces="true">reported</span></a><span data-preserver-spaces="true"> Tuesday.</span></p> <p><span data-preserver-spaces="true">The move comes about a year and a half after the </span><span data-preserver-spaces="true">full launch of the marketplace, as</span><span data-preserver-spaces="true"> the company launched </span><span data-preserver-spaces="true">it fully</span><span data-preserver-spaces="true"> in June 2023 after a few months of beta testing, according to the report.</span></p> <p><span data-preserver-spaces="true">“We’ve </span><span data-preserver-spaces="true">made the decision</span><span data-preserver-spaces="true"> to close our NFT marketplace so we can shift more resources into new products and services, including unannounced initiatives in development,” a Kraken spokesperson said in a statement, per the report. “Clients have been informed of the changes and our team will support them as they move their NFTs to their Kraken Wallet or a self-custodial wallet of choice.”</span></p> <p><span data-preserver-spaces="true">When announcing the </span><a class="editor-rtfLink" href="https://www.kraken.com/press/releases/kraken-opens-nft-marketplace" target="_blank" rel="noopener"><span data-preserver-spaces="true">public beta launch</span></a><span data-preserver-spaces="true"> of </span><a class="editor-rtfLink" href="https://nft.kraken.com/" target="_blank" rel="noopener"><span data-preserver-spaces="true">Kraken NFT</span></a><span data-preserver-spaces="true"> in December 2022, Kraken said it aimed to make the NFT space accessible to all types of collectors and to enable them to explore, discover </span><span data-preserver-spaces="true">and</span><span data-preserver-spaces="true"> safely trade NFTs.</span></p> <p><span data-preserver-spaces="true">The company has launched new projects in other areas this year.</span></p> <p><span data-preserver-spaces="true">It was reported </span><span data-preserver-spaces="true">Nov.</span><span data-preserver-spaces="true"> 4 that Kraken is part of a consortium of FinTech and crypto companies that introduced a joint </span><a class="editor-rtfLink" href="https://www.pymnts.com/blockchain/2024/this-week-in-web3-crypto-policies-american-innovation/" target="_blank" rel="noopener"><span data-preserver-spaces="true">stablecoin</span></a><span data-preserver-spaces="true"> pegged to the U.S. dollar. The aim of the </span><a class="editor-rtfLink" href="https://globaldollar.com/" target="_blank" rel="noopener"><span data-preserver-spaces="true">Global Dollar Network</span></a><span data-preserver-spaces="true">, which also includes </span><a class="editor-rtfLink" href="https://robinhood.com/us/en/" target="_blank" rel="noopener"><span data-preserver-spaces="true">Robinhood</span></a><span data-preserver-spaces="true"> and </span><a class="editor-rtfLink" href="https://www.galaxy.com/" target="_blank" rel="noopener"><span data-preserver-spaces="true">Galaxy Digital</span></a><span data-preserver-spaces="true">, is to accelerate the use of stablecoins worldwide and promote an asset that provides proportionate economic benefits to its partners.</span></p> <p><span data-preserver-spaces="true">In April, it was reported that Kraken was buying TradeStation Crypto, the </span><a class="editor-rtfLink" href="https://www.pymnts.com/acquisitions/2024/kraken-acquires-tradestation-crypto-to-expand-regulatory-licensing-in-us/" target="_blank" rel="noopener"><span data-preserver-spaces="true">digital assets</span></a><span data-preserver-spaces="true"> unit of </span><a class="editor-rtfLink" href="https://www.tradestation.com/" target="_blank" rel="noopener"><span data-preserver-spaces="true">TradeStation Group</span></a><span data-preserver-spaces="true">, to expand Kraken’s regulatory licensing in the U.S., accelerate its U.S. presence </span><span data-preserver-spaces="true">and</span><span data-preserver-spaces="true"> unlock new product opportunities in the country.</span></p> <p><span data-preserver-spaces="true">Kraken added another new solution in February, saying the new </span><a class="editor-rtfLink" href="https://www.kraken.com/institutions" target="_blank" rel="noopener"><span data-preserver-spaces="true">Kraken Institutional</span></a><span data-preserver-spaces="true"> brand aims to be a one-stop shop for the company’s existing products and services for </span><a class="editor-rtfLink" href="https://www.pymnts.com/cryptocurrency/2024/crypto-exchange-kraken-unveils-institutional-solution/" target="_blank" rel="noopener"><span data-preserver-spaces="true">institutions</span></a><span data-preserver-spaces="true">, asset managers, hedge funds </span><span data-preserver-spaces="true">and high net-worth</span><span data-preserver-spaces="true"> individuals.</span></p> <div class="pymnt-44a0e4b30863b80d69dd762c4d029043 pymnt-bottom-of-article" id="pymnt-44a0e4b30863b80d69dd762c4d029043"></div> <div id="bottom-ad"> </div> <div class="row row-cols-1 row-cols-lg-1 recommended-articles" style="clear:both;"> <div class="col mb-1"> <h4 class="header-border text-uppercase small mb-0"> <span class="border-layer border-secondary"> Recommended </span> </h4> <div class="row item noBorderLast remove-col-3"> <div class="col-12 col-md-3 border-bottom border-light py-2 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Kraken to Begin Shutdown of NFT Marketplace