VK Shuts Down NFT Marketplace Due to Financial Losses

Russian social media giant VK has made the difficult decision to shut down its NFT marketplace, ‘VK NFT Hub,’ on April 15th. This closure follows a significant financial loss of nearly $11 billion in 2024, with the company experiencing losses three times higher compared to the previous year. To prevent users from losing their NFTs, VK urges them to transfer ownership to external wallets before the marketplace closes down entirely.