American crypto trading platform Kraken has decided to shut down its Non-Fungible Token (NFT) marketplace. In a personal message circulating on X, the exchange informed some of its users holding NFT of the sunset plans.
End of Kraken NFT Marketplace
As the trading platform noted, the shutdown process will commence on November 27. The digital collectibles trading platform will enter a withdrawal-only mode on this date.
Once this mode kicks in, the exchange said users will not be able to list, purchase, bid on or sell any NFT they hold. With these features deactivated, it noted that any of its Non-Fungible Token holders can transfer their assets to a self-custodial wallet of their choice.
Per the update, the Kraken NFT marketplace will completely close on February 27, 2025. The exchange said its plans for this shut down is so it can focus its resources on new products and services. Some of these new products are already launched with others still in active development.
Kraken occupies an important place in the crypto ecosystem. Beyond NFTs, the exchange co-launched the Global Dollar Network in partnership with Galaxy Digital and other industry giants. It joined the crop of exchanges that pioneered exchange marketplaces amid the rapid rise in NFT popularity.
Since May 2022 that it launched the collectibles marketplace, sunsetting it now marks the evolution in the market.
New Products For Ecosystem Use
Rather than focus on the NFT marketplace shutting down, Kraken users are reacting to a number of product offerings the firm just announced.
Through its official X account, the trading platform unveiled a new explore page and in-app browser in its non-custodial wallet. While the Explore page will let users gain insight into new opportunities in the market, the in-app browser lets users view and interact with dApps directly in Kraken Wallet.
The in-app browser lets you view and interact with dApps directly in Kraken Wallet.
Connect your wallet and sign transactions seamlessly. Can’t find what you need on the Explore page? Simply use the search function at the top of the screen to locate it.
— Kraken Exchange (@krakenfx) November 26, 2024
Kraken’s growth is without challenges. As reported earlier by Coingape, the US Securities and Exchange Commission (SEC) recently demanded motion for judgement in its ongoing legal battle against the exchange.
While the regulatory threat remain visible, the exchange said last month it plans to launch its own blockchain in 2025.
Godfrey Benjamin
Benjamin Godfrey is a blockchain enthusiast and journalists who relish writing about the real life applications of blockchain technology and innovations to drive general acceptance and worldwide integration of the emerging technology. His desires to educate people about cryptocurrencies inspires his contributions to renowned blockchain based media and sites. Benjamin Godfrey is a lover of sports and agriculture.
Disclaimer: The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
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