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Kraken, the cryptocurrency exchange, has decided to shut down its non-fungible token (NFT) marketplace, nearly two years since its debut. In a strategic pivot, the company intends to redirect efforts towards innovative products and services. Clients are being guided by the Kraken team to transfer their NFTs either to the Kraken Wallet or a self-custodial wallet, as confirmed by a spokesperson to Bloomberg on November 26, 2024. 
The decision occurs amid an NFT market <a href="https://99bitcoins.com/news/kraken-pulls-the-plug-on-nft-marketplace-after-just-two-years/">struggling</a> to recover post the 2022 crypto downturn, while Bitcoin and other cryptocurrencies experience notable rebounds. An analysis suggests that the NFT industry has yet to reclaim its former strength. 
In the aftermath of a lackluster NFT market recovery, Kraken's move mirrors broader organizational restructuring. Recent months have seen a 15% workforce reduction and key leadership changes. This includes a new CFO and co-CEO taking the helm. Looking forward, Kraken plans to roll out a blockchain platform dubbed Ink. This initiative will enable decentralized applications for trading and lending, utilizing technology akin to Coinbase’s Base platform. 
Donald Trump’s recent presidential win gave a boost to the Bitwise Blue-Chip NFT Collections Index, which climbed 90%. Yet, it remains significantly below its April 2022 zenith. DappRadar's report underscores a continuing downtrend, with NFT trading volumes at a yearly low of $471 million in August 2024, marking a 16% drop from July. 
Kraken continues to chart new territory, exploring an initial public offering (IPO) and aiming to finalize a funding round before any IPO launch. The NFT marketplace, unveiled in December 2022, was more than a foray into digital art—it was part of a grander vision. 
The firm is also enhancing its market offerings, debuting a wrapped bitcoin (kBTC) on platforms like Ethereum and OP Mainnet. Regulatory hurdles with the U.S. Securities and Exchange Commission persist, yet the pursuit of an IPO remains on the table. Additional initiatives include a partnership with Tottenham Hotspur, serving as the official sleeve partner for their teams. 
Significantly, Kraken has expanded its institutional Custody services in the UK and Australia, with ambitions to extend these services across the European Union, Switzerland, the Cayman Islands, and the British Virgin Islands. In May 2024, Kraken ventured into Germany via a collaboration with DLT Finance. As the company pursues global outreach and product diversification, it aims to cement its position in the evolving crypto landscape.

Kraken Shuts Down NFT Marketplace, Marking End of Two-Year Venture

Yellow News

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