Russian Social Media Giant VK Shuts Down Its NFT Marketplace

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Russian Social Media Giant VK Shuts Down Its NFT Marketplace

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VK, one of the largest social media platforms in the Russian Republic, announced its intention to close its non -fascinated token market. The social media company will close its non -bubble token market next week, April 15, 2025. VK will join other notable companies, such as X2Y2, Kraken and Bybit Crypto Exchange, which also closed their NFT markets.

VK closes its NFT market

In a site publication of April 7, the social media network supported by Kremlin confirmed that VK confirmed its plans to close its NFT, VK Nft Hub platform this month. The VK social media company will end its service for non -spoiled tokens on April 15, 2025. The social media company advised its users to transfer their collections of non -tumbled tokens to external cryptography wallets before the deadline.

📢 VK will have its NFT HUB arrested on April 15 following a net loss of $ 1.1 billion in 2024, while digital collecting contracts to collect wider. Users are advised to transfer assets.#Nft # Web3

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

In addition, the company has announced its intention to delete special visual markers on the VK associated with NFT, leaving users who bought NFTS for this feature without anything. However, the NFT team argued that the content existing in the VK NFT community will remain, although it is not clear if VK plans to return to NFT or digital assets in the future.

Launched in December 2022, VK NFT HUB is a digital market platform allowing crypto traders in Russia to buy, sell and exchange collections of non-fastible tokens. The NFT market has started the trip so well, but failed due to low performance on the NFT market. Since then, VK has faced financial pressure while the net loss of the company almost tripled in 2024 for 94.9 billion rubles (approximately 1.1 billion dollars), against 34.3 billion rubles in 2023.

Companies that have left the NFT market

The VK social media platform joins the growing list of cryptographic projects that have left the NFT market. Last year, the Kraken Crypto Exchange closed its NFT market platform. Earlier this year, the giant brands of Blockchain Gaming Animoca closed its Quidd NFT market. In March 2025, the X2Y2 also closed its NFT market. Last week, CEX Bybit also closed its NFT market.