Russian Social Media Big VK Shuts Down Its NFT Market

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VK, one of many largest social media platforms within the Russian Republic, has introduced plans to close down its non-fungible token market. The social media firm will shut its non-fungible token market subsequent week, April 15, 2025. VK will be part of different notable corporations, like X2Y2, Kraken, and Bybit Crypto Trade, which have additionally shut down their NFT markets.

VK Shuts Down Its NFT Market

In an April 7 web site publication, the Kremlin-backed social media community VK confirmed plans to shut its NFT platform, VK NFT Hub, this month. The social media firm VK will finish its service supply for non-fungible tokens on April 15, 2025. The social media firm has suggested its customers to switch their non-fungible token collections to exterior crypto wallets earlier than the deadline.

📢 VK will shut down its NFT Hub on April 15 following a $1.1B web loss in 2024, because the broader digital collectible house contracts. Customers are suggested to switch belongings.#NFT #Web3 https://t.co/fNdCu5aSt7
— Cryptonews.com (@cryptonews) April 7, 2025

Moreover, the corporate has introduced plans to take away the particular visible markers on the VK related to NFTs, leaving customers who bought NFTs for this characteristic with nothing to carry. Nonetheless, the NFT staff has maintained that present content material within the VK NFT neighborhood will stay, although it’s unclear whether or not VK plans to return to NFTs or digital belongings sooner or later.

Launched in December 2022, VK NFT Hub is a digital market platform permitting crypto merchants in Russia to purchase, promote and commerce non-fungible token collections. The NFT market began the journey so effectively however failed on account of low efficiency within the NFT market. Since then, VK has confronted monetary stress as the corporate’s web loss almost tripled in 2024 to 94.9 billion roubles (round $1.1 billion), up from 34.3 billion roubles in 2023.

Corporations That Have Exited The NFT Market

The social media platform VK joins the quickly rising listing of crypto tasks which have exited the NFT market. Final yr, the Kraken crypto trade closed its NFT market platform. Earlier this yr, the blockchain gaming large Animoca Manufacturers closed its Quidd NFT market. In March 2025, the X2Y2 additionally closed down its NFT market. Final week, the Bybit CEX additionally closed its NFT market.