NFTs in distress – Kraken makes a decision

We cannot say that everything is going well for NFTs. Faced with the lack of interest from investors in general, Kraken has simply decided to close its NFT marketplace, starting today.

Kraken closes its NFT marketplace

Kraken, the world-renowned cryptocurrency exchange, made a bold and important move today in completely closing its NTF marketplace. The news was announced to users by email while NFTs have rarely been this low.

« We have decided to close our NFT marketplace in order to redirect our resources towards new products and services, including initiatives that we have not yet announced and which are currently in the development phase. “, said a spokesperson for the exchange.

The platform, recently launched in Europe and available to French traders, is now switching to “withdrawal only” mode for NFTs. In 3 months, to the day, the category will simply be deleted of the platform.

The death of the NFT as such

The least we can say is that things are not going well for NFTs. The entire market represents $33 millionone of the lowest thresholds ever seen by the sector.

The peak of the NFT took place in 2022. At the time, the market capitalization of the sector was estimated at $437 million according to data from CoinMarketCap.

The decline of NFTs has been visible for several months, even several years. Most assets are relayed to the rank of jpeg to trade and sell when the market knows a miraculous rise and unexpected.

However, several technologies offer real use cases. At Zebu Live, a few months ago, Danilo Cerullo, CEO of theMiracle, spoke about the B2B capabilities of NFTs alongside Jacob Happ, CEO of Anomaly Science.

It would then seem that NFTs, as we know them, are experiencing a slow deaththus justifying the decision recently taken by Kraken. Ultimately, it cannot be ruled out that the platform will reverse its decision, perhaps the day when the market will have found a real use for non-fungible tokens.

Sources: Communiqué de Kraken

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