Kremlin-Stunder Social Network VK will close its NFT platform this month, after a year of deepening losses and a planned share problem of $ 1.36 billion to reduce debts.
The Russian social media company VK plans to close its marketplace for non-fungal tokens, VK NFT Hub, on April 15, the team said, and put an end to a service launched in December 2022. In a public announcement, users were told to transfer their tokens to external wallet before the deadline.
After April 15, the special visual markers at VK associated with NFTs – small neon diamonds that appeared on Avatars – will be removed, so that users who have bought NFTs for this function with nothing. The NFT team added that existing content in the UK NFT community will remain, although it is unclear whether VK is planning to return to NFTS or Digital Assets in the future.
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The closure is because VK is confronted with financial pressure because the net loss of the company almost tripled in 2024 to 94.9 billion rubles (about $ 1.1 billion), an increase of 34.3 billion rubles in 2023. The company plans to reduce the fault in the midst of a new stock.
It is understood that the company will send the funds received to lower its debt. As Crypto.news reported earlier, March marked a turning point, with a series of market closures that intensify the situation. These include the South Korean Tech giant LG who closed its LG Art Lab, as well as the closures of X2Y2 and the NFT market of Bybit, among other things.
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