Kraken Bids
Farewell To NFTs –
Is The
Digital Art Boom Over?
Kraken Bids Farewell To NFTs – Is The Digital Art Boom Over?
by Christian Encila
5 minutes ago
in Crypto News
0
A cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта firm plans to completely halt the operation of its NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен
marketplace early next• Объект организация » Организации по алфавиту » Организации на Ne » Next year, a decision that might have a great impact on the
NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен space.
Analysts find this move of Kraken somewhat unexpected, raising questions on
what the future holds for NFTs considering Kraken is a major player in these
type of tokens.
Related Reading: Justin Sun• Объект организация » Организации по алфавиту » Организации на Su » Sun Microsystems Bets $30 Million On Trump’s Crypto Project –
What’s Behind The Move?
Closing Down On February 2025
The crypto platform Kraken made the tough decision of shutting down its
marketplace on February 27, 2025, bidding goodbye to all those who patronize
the marketplace.
Officials of the crypto firm said that starting November 27 , the majority of
NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен’s marketplace will be terminated such as bidding, listings, and selling of
NFTs, as the marketplace gradually prepares to close its doors by the first
quarter of 2025.
However, the crypto platform clarified that even though many of the
marketplace’s services will no longer be available, its users can still
withdraw their funds before February 27, 2025.
Kraken is shutting down its NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен marketplace almost two years after the
platform was launched, saying it’s shifting more resources into new products
and services https://t.co/JNnbYqjhoL
— Bloomberg (@business• Экономика » Бизнес) November 26, 2024
Kraken Eyes Developing New Products
A Kraken spokesperson has confirmed the company s decision and the fate
of its marketplace next• Объект организация » Организации по алфавиту » Организации на Ne » Next year.
The Kraken official said that it was one of the difficult choices they have to
make considering how much the NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен marketplace has been part of the crypto
firm.
The spokesperson explained that closing down its marketplace would allow the
crypto company to explore new avenues, adding that the firm also wants to
develop new products and services.
Moreover, Kraken assured that they have informed all its customers of the
ongoing changes, adding that the platform’s support team will assist users of
the NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен marketplace users in transferring their assets to other wallets or the
Kraken self-custody wallet. Total crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта cap currently at $3.2
trillion. Chart: TradingView
Workforce Cuts
The news of the NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен marketplace closure came just nearly a month after the
cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта platform trimmed its workforce and appointed a new co-CEO.
In October this year, Kraken reduced its workforce by 15% after it laid off
400 employees, saying that it was part of their organizational restructuring.
At the same time, the crypto platform appointed a new co-CEO, seasoned Silicon
Valley executive Arjun Sethi who will help Dave Ripley in co-managing the
company as it navigates towards becoming the world’s largest crypto platform.
Stagnation
Analysts said that NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен markets used to thrive but this year, it experienced a
downturn and even recorded one of its lowest performances in June.
Crypto analytics platform Artemis revealed that NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен markets recorded a 50%
decline in June, coinciding with the significant decline also experienced by
major cryptocurrencies• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта like Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin, Ethereum• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Ethereum, and Solana.
Related Reading: Where’s The FOMO? Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Retail Crowd Yet To Jump In,
Analyst Says
Meanwhile, Paul Thomas, CEO and founder of Somnia, remarked early this year
about the diminishing hype surrounding the digital collectibles, noting that
users demand for the utility of NFTs might have contributed to its
slowdown.
Thomas added another problem of NFTs is the “lack of originality”.
In the previous months, known personalities in the crypto space have started
offloading their NFTs such as billionaire Mark Cuban.
On the bright side, Techreport predicted that the NFT• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » NFT - невзаимозаменяемый токен market might still hit
$2.8 billion by 2028 and its users could reach 14.67 million this year.
Featured image from Wall Of Traders, chart from TradingView