Russian social media giant VK closes the NFT market

One of the largest social media platforms in the Russian Republic, VK, announced that it plans to close the non -figure token market. The social media company will close the Fungible Token market on 15 April 2025 next week. The VK will participate in other important companies such as X2Y2, Kraken and Bybit Crypto Stock Exchange, which also closes NFT markets.

VK closes the NFT market

In the 7th April site broadcast, the Kremlin -supported social media network VK, NFT Platform VK NFT HUB confirmed this month’s closure plans. On April 15, 2025, the social media company VK will terminate service provision for non -figures. The social media company advised its users to be transferred to their external crypto wallets before the deadline date.

📢 VK will close the NFT center on April 15 after a net loss of $ 1.1 billion in 2024 as a wider digital collection contracts. Users are recommended to transfer assets.#Nft #Web3https://t.co/fndcu5AST7

– Cryptonews.com (@cryptonews) April 7, 2025

In addition, the company has announced its plans to remove special visual markers on the VK associated with NFTs, and left without anything to hold users who bought NFTs for this feature. However, the NFT team claimed that the existing content in the NFT community would remain, but it is unclear whether the VK is planning to return to NFTS or digital assets in the future.

The VK NFT HUB, which was released in December 2022, is a digital market platform that allows crypto traders in Russia to buy, sell and trade unknown coin collections. The NFT market started the journey very well, but failed due to low performance in the NFT market. Since then, the VK has faced financial pressure from 34.3 billion rubles to 34.3 billion rubles up to 34.3 billion rubles up to 34.3 billion rubles up to 94.9 billion rubles (about $ 1.1 billion) in 2024.

Companies out of the NFT market

The Social Media Platform VK joins the rapidly growing crypto projects list from the NFT market. Last year, the Kraken Crypto exchange closed the NFT market platform. Earlier this year, Blockchain game giant Animoca brands closed the Quidd NFT market. In March 2025, X2Y2 closed the NFT market. Last week, Bybit CEX closed the NFT market.

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