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Russian Social Media Company VK to Shut Down its NFT Marketplace Over Recorded Losses https://cryptonews.com/news/russian-social-media-company-vk-to-shut-down-its-nft-marketplace-over-recorded-losses/

Russian Social Media Company VK to Shut Down Its NFT Marketplace Over Recorded Losses

NFT Marketplace

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Mounting financial strain pushes a leading Russian platform to end its NFT hub. The change prompts collectors to reconsider how they secure their digital assets amid shifting market views.

Last updated: April 7, 2025 19:44 EDT

VK, one of Russia's largest social media platforms, announced that it would shut down its NFT marketplace, VK NFT Hub, on April 15, due to mounting financial losses.

The move follows VK's 2024 net loss of 94.9 billion rubles (around $1.1 billion), nearly triple its 2023 losses of 34.3 billion rubles.

VK Financial Struggles and the Collapse of Its NFT Marketplace

To reduce its debt load, VK plans to issue $1.36 billion in new shares, a decision made amid deepening financial setbacks.

The company has urged users to move their NFTs to external wallets before April 15 to avoid losing access to their assets.

After that date, the platform will remove the neon diamond icons on user avatars that once indicated NFT ownership.

Users who bought NFTs mainly for avatar integration will lose their visual indicators on VK.

While the VK NFT community page will remain accessible, the company has not confirmed whether it plans to return to the NFT or digital asset space in the future.

VK's exit comes during a downturn in the NFT sector, reflecting broader trends across the industry.

This downturn has also affected NFT marketplace X2Y2, which is set to shut down its platform on April 30, and crypto exchange Bybit, which closed its NFT marketplace earlier this month.

Key Takeaways:

A top social media service ends its digital collectible marketplace amid fiscal challenges.

The decision reflects a broader pullback from speculative digital asset ventures.

Users are advised to relocate their assets to alternative storage options.

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