Kraken Shuts Down NFT Marketplace Amid Market Downturn

2024-11-27 22:12

Centralized exchange Kraken will discontinue its NFT marketplace to allocate resources to upcoming projects. Users can no longer list, bid, or sell items after November 27, 2024.

However, withdrawals will remain available until the marketplace closes entirely on February 27, 2025.

Kraken’s NFT Platform Fails to Deliver on Expected Growth

Kraken notified users of this decision earlier today through an emailed statement. Launched in November 2022, Kraken’s NFT platform faced challenges as the market for digital collectibles weakened. The landscape had become extremely oversaturated in the past few years. 

Throughout 2024, 98% of NFT collections experienced little or no trading activity. Only 0.2% of new NFT drops generated profits, while most lost over 50% of their value within days.

On average, NFT holders are enduring a 44.5% loss since 2023. The average lifespan of an NFT is now 1.14 years—significantly shorter than the 2.85-year lifespan of typical crypto projects. Last year, nearly one-third of NFT initiatives failed, the highest rate recorded for the sector.

Monthly NFT Trading Volume from January 2023 to October 2024. Source: Dune

So, Kraken’s decision does not come as a surprise. It’s evident why the exchange has decided to reallocate its resources to other key developments. 

The US-based crypto exchange recently announced plans to optimize its policy and list 19 new tokens. This also includes the Donald Trump-inspired ‘TRUMP’ token, along with other popular meme coins. 

Amid the downturn, there are signs of recovery. Telegram reported a 400% surge in NFT activity during Q3 2024, driven by the integration of NFTs into gaming platforms like Hamster Kombat. By September, daily wallet transfers surpassed one million.

Additionally, an address linked to Vitalik Buterin, the co-founder of Ethereum, recently minted 400 Patron NFTs on Base. This sparked fresh discussions about the potential revival of NFTs as the sector looks for new use cases.

The post Kraken Shuts Down NFT Marketplace Amid Market Downturn appeared first on BeInCrypto.

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Источник: beincrypto.com

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