Kraken, the American crypto exchange, has announced the closure of its Non-Fungible Token (NFT) marketplace, initiating a three-month wind-down process starting November 27.
Users were informed through direct messages on X (formerly Twitter), urging them to prepare for the platform's transition to withdrawal-only mode. Once this phase begins, trading functionalities, including buying, selling, bidding, and listing NFTs, will be disabled.
The exchange emphasized that NFT holders will retain the ability to transfer their digital assets to self-custodial wallets of their choosing. This move ensures that users can safely withdraw their collectibles despite the marketplace ceasing operations. The decision highlights the challenges crypto exchanges face in maintaining ancillary services during fluctuating market conditions.
Kraken, a prominent name in the crypto space, has been instrumental in fostering blockchain innovations. Beyond its NFT marketplace, the exchange collaborated with Galaxy Digital and other industry leaders to co-launch the Global Dollar Network, showcasing its broader commitment to financial innovation.
This unexpected announcement signals a strategic shift for Kraken as it refocuses on its core offerings in the evolving crypto landscape. Users are encouraged to stay updated as developments unfold regarding the marketplace closure.
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