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Home»NFT»Russian Social Network VK almost triples NFT Marketplace as a net loss
NFT

Russian Social Network VK almost triples NFT Marketplace as a net loss

2025-04-07No Comments2 Mins Read
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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 is planning to close its marketplace for non-fungal tokens, VK NFT HUB, on 15 April, said the team, which ended a service that was 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.

Maybe you also like it: What is an NFT? A complete guide for non-fungal tokens

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.

See also  Bart as an NFT? Springfield's digital venue in Treehouse of Horror XXXIV

Read more: NFT -Swip 5.3% to $ 100.9 million, Bitcoin NFT turnover falls by 30%

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loss marketplace Net Network NFT Russian Social Triples
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