Contents
Kraken to Shut Down NFT Marketplace to Focus on New Products and Services
Transitioning Resources
Kraken closes NFT marketplace after almost two years
Kraken announced the closure of its NFT marketplace to reallocate resources into new offerings. Existing clients are being assisted in moving their NFTs to their Kraken Wallet or a self-custodial wallet.
Market Trends
NFTs struggle to recover from crypto bear market
Nonfungible tokens (NFTs) have not fully recovered from the crypto downturn of 2022, despite the recent bullish behavior in the overall cryptocurrency market. The Bitwise Blue-Chip NFT Collections Index has surged since the recent presidential election but remains significantly below previous highs.
Company Strategy
Kraken’s strategic shifts and organizational changes
Amid company restructuring, Kraken has appointed new executives and reduced its workforce by 15%. The exchange plans to launch a blockchain called Ink in the near future, focusing on decentralized applications for token trading, borrowing, and lending.
Expansion Plans
Kraken’s growth trajectory and potential IPO
Kraken, one of the oldest crypto exchanges, has been diversifying its product offerings and exploring new markets. Speculation about a potential IPO has been circulating, with reports suggesting a final funding round before going public.
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