Shift

2024

Bitcoin

New Ventures

<h4><strong>Starting November 27th, 2024, users won’t be able to list, bid on, or sell NFTs on the platform anymore.</strong></h4>
<p>Instead, they’ll only be able to withdraw their assets. The full shutdown will happen on February 27th, 2025.</p>
<h5><strong>Why Is Kraken Closing the NFT Marketplace?</strong></h5>
<p>In a <a href="https://www.bloomberg.com/news/articles/2024-11-26/crypto-exchange-kraken-shuts-down-nft-marketplace?utm_medium=social&amp;utm_content=business&amp;cmpid=socialflow-twitter-business&amp;utm_campaign=socialflow-organic&amp;utm_source=twitter" target="_blank" rel="noopener noreferrer nofollow">statement</a>, Kraken explained the decision to close its NFT marketplace was about freeing up resources for new opportunities. A Kraken representative said, “We’ve decided to close our NFT marketplace so we can shift more resources into new products and services, including unannounced initiatives in development.”</p>
<p>While Kraken hasn’t revealed what these new projects will be, it’s clear the company is focused on staying ahead of the curve in the fast-changing crypto world.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">BREAKING: Kraken to shutter its NFT marketplace <a href="https://t.co/5Wa4ZpTOxz" rel="noopener noreferrer nofollow">pic.twitter.com/5Wa4ZpTOxz</a></p>
 <p>— Bryptos (@Bryptos_) <a href="https://twitter.com/Bryptos_/status/1861454519042707925?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 26, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>Kraken is making sure users have plenty of time to move their NFTs. You’ll have until February 27th, 2025, to transfer your NFTs to your Kraken Wallet or a <a href="https://www.altcoinbuzz.io/?s=self+custodial+wallet" target="_blank" rel="noopener noreferrer nofollow">self-custodial wallet</a>, like one you control personally. The company promises to help users through this process. “Clients have been informed of the changes, and our team will support them as they move their NFTs,” Kraken said in the announcement.</p>
<h5><strong>A Shift in Focus</strong></h5>
<p>Kraken’s decision highlights a shift in the crypto industry. While NFTs were once the talk of the town, the hype has cooled off a bit. Companies like Kraken are now looking to invest their time and money into areas with bigger growth potential.</p>
<blockquote class="twitter-tweet">
 <p dir="ltr" lang="en">So-callled news: <a href="https://twitter.com/krakenfx?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@krakenfx</a> is shutting down its NFT marketplace <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f633.png" alt="😳" class="wp-smiley" style="height: 1em; max-height: 1em;"></p>
 <p>Wait, they had an NFT marketplace? <img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f440.png" alt="👀" class="wp-smiley" style="height: 1em; max-height: 1em;"><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f602.png" alt="😂" class="wp-smiley" style="height: 1em; max-height: 1em;"></p>
 <p>How many of you are hearing about this for the first time?<a href="https://twitter.com/KrakenNFT?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">@KrakenNFT</a> has never been in the NFT marketplace premier league, so this is probably the best decision! <a href="https://t.co/0mNR1b524o" rel="noopener noreferrer nofollow">pic.twitter.com/0mNR1b524o</a></p>
 <p>— Ofernan9000 (@Ofer_Nan) <a href="https://twitter.com/Ofer_Nan/status/1861478274389405970?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 26, 2024</a></p>
</blockquote>
<p><script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script></p>
<p>This move is like “cutting bait to focus on the big fish.” By stepping away from the <a href="https://www.altcoinbuzz.io/?s=nft+market" target="_blank" rel="noopener noreferrer nofollow">NFT space</a>, Kraken is aiming to develop tools and services that could make a bigger splash in the future.</p>
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<h6><strong>Disclaimer</strong></h6>
<p>The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.</p>
<p>The post <a href="https://www.altcoinbuzz.io/cryptocurrency-news/kraken-shuts-nft-marketplace-to-focus-on-new-ventures/" rel="noopener noreferrer nofollow">Kraken Shuts NFT Marketplace to Focus on New Ventures</a> appeared first on <a href="https://www.altcoinbuzz.io" rel="noopener noreferrer nofollow">Altcoin Buzz</a>.</p>

Kraken Shuts NFT Marketplace to Focus on New Ventures

Altcoin Buzz

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