The cryptocurrency exchange Kraken recently announced its plans to completely shut down its NFT marketplace on February 27, 2025. The exchange will also shut down most of the NFT marketplace’s services on November 27,

Kraken, a centralized crypto exchange platform that allows users to buy and sell crypto, has announced plans to close its NFT marketplace.

The crypto exchange Kraken is shutting down its NFT marketplace almost two years after the platform was launched, saying it’s shifting more resources into new products and services.

Kraken Exchange has given a 24 hour notice to activate the three month shut-down process of its NFT marketplace

Nike, an American athletic footwear and apparel company renowned for its sneaker, has announced plans to exit the NFT market in January 2025.

Kraken, one of the largest cryptocurrency exchanges, will close its NFT marketplace to reallocate resources toward upcoming projects. As of November 27, 2024, users will no longer be able to list, bid, or sell items on the platform. The marketplace will fully shut down on February 27, 2025, allowing users only to withdraw their assets.

RTFKT, acquired by Nike in 2021, announces shutdown amid NFT decline, reflecting shifting priorities and challenges in the market.

The virtual sneaker and fashion brand RTFKT will wind down its operations by January 2025 as Nike restructures under new CEO Elliott Hill. However, despite the closure, the brand’s Ethereum tokens will remain accessible to the public.