Kraken Aces NFT Marketplace. Here’s what to do if you have NFTs on this crypto exchange

Kraken, the great American center cryptocurrency exchangeis shutting down its NFT marketplace after launching the service about two years ago. Kraken announced its closure at the end of November. Kraken users have until early next year to move their NFTs from the market to a crypto wallet.

“We are making this change so that we can redirect more resources to new products and services,” the exchange said on its website. FAQ page about closing the market. “This change will help us improve our offering and provide greater value to our customers in the evolving digital asset landscape.”

Starting November 27th, the NFT market changed to only allow withdrawals. If you use Kraken, you can no longer list, buy, bid or sell NFTs on the exchange.

What’s going on with the Kraken?

The stock exchange announced on its website that it wants to redirect its resources to new products and services. Earlier in November, It was reported by Reuters that Kraken has joined a group of cryptocurrency and fintech companies to launch a global stablecoin pegged to the US dollar.

At the end of last year, The SEC sued Kraken allegedly operating as an unregistered stock exchange. Kraken disputes the chargesand the case has yet to be solved.

Kraken’s shutdown of the NFT market comes as the prices of some cryptocurrencies have risen in recent weeks. The price of Bitcoin, the most famous cryptocurrency, has exceeded $100,000 December 5which is a significant shift from when it traded at $16,800 in late December 2022, after the cryptocurrency market plummeted in late 2021 and 2022.

Despite the rise in cryptocurrency prices this year, NFTs — digital images minted on a blockchain like ethereum or salt pans that can be bought and sold for cryptocurrencies — haven’t seen the same huge jumps. Just a few years ago, many popular NFTs saw a large drop in price.

What should you do if you have NFT on Kraken?

If you have immutable tokens listed on the Kraken market, you will need to transfer them to wallet for self storage or Kraken Wallet until February 27, 2025. After the deadline, you will not be able to access your NFTs on Kraken’s marketplace.

If you don’t have your own crypto wallet, the exchange recommends downloading their version of a crypto wallet, the Kraken wallet. The company’s website has a page that explains how to convey NFT into it.

Kraken’s NFT market closing FAQ page says that while the exchange will not charge fees for transferring NFTs from the market, network fees from the NFT’s associated blockchain may occur with the transfer.

Should I invest in NFTs and cryptocurrencies?

Both NFTs and cryptocurrencies can be highly volatile, often experiencing large price swings in a short period of time. Thus, NFT and cryptocurrency can be considered a high-risk investment. Investment experts stress that you should never invest more than you are willing to lose.

Some experts say that while investing in digital assets such as cryptocurrency can sometimes be profitable, it is rarely a safe bet. It is better to consider NFTs and cryptocurrencies as one of many investment vehicles for your wealth building strategy, rather than relying solely on it.

Kraken did not immediately respond to a request for comment for this story.