VK NFT Marketplace Shuts Down Amid Financial Losses

Russian social media giant VK has confirmed the closure of its NFT marketplace, ‘VK NFT Hub,’ on April 15th, citing escalating financial losses. The company’s 2024 net loss reached a staggering 949 billion rubles (approximately $11 billion), nearly three times higher than its losses from the previous year. Users are advised to move their NFTs to external wallets before the platform shuts down to prevent potential accessibility issues.