Kraken Closes NFT Marketplace: What You Should Know

Kraken, a big US-based crypto exchange, decided to shut down its NFT marketplace after a couple of years. The announcement was made in late November, and users have until early next year to move their NFTs to a crypto wallet. Kraken said they're doing this to focus on new products and services. Starting from November 27, the NFT marketplace on Kraken only allows withdrawals. Users can't buy, sell, or trade NFTs on the platform anymore. The exchange wants to shift resources to other projects, like a new global stablecoin. Last year, the SEC charged Kraken with operating as an unregistered securities exchange, which the company disputes. This closure comes as some cryptocurrencies see price increases. However, NFT prices haven't seen the same big jumps. If you have NFTs on Kraken, you need to transfer them to a self-custody wallet or a Kraken wallet by February 27, 2025. After that, you won't be able to access your NFTs on Kraken. Kraken won't charge for the transfer, but blockchain network fees might apply. Investing in NFTs and cryptocurrency can be risky due to their volatility. Experts suggest not to invest more than you can afford to lose. It's better to see these as one part of your overall investment strategy.