Kremlin-backed social community VK will shut down its NFT platform this month, planning a $1.36 billion fairness concern to deepen its year-long losses and scale back debt.
Russian social media firm VK stated it’ll shut the marketplace for its inappropriate token VK NFT hub on April 15, and can finish its service launched in December 2022.
From April fifteenth, particular visible markers from VK related to NFTs (the small neon diamonds that appeared in avatars) have been eliminated, leaving none left by customers who bought NFTs for this function. The NFT crew added that current content material from the VK NFT group will stay, however it’s unclear whether or not VK will return to NFTS or digital property sooner or later.
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The closure has nearly tripled in 2024, rising from 34.3 billion rubles in 2023 to 94.9 billion rubles (roughly $11 billion), as VK faces monetary stress. Amid declining monetary well being, the corporate has revealed plans to lift as much as 115 billion rubles to scale back its debt.
It’s understood that we direct funds acquired to scale back our debt burden. As Crypto.Information beforehand reported, March marked a turning level, with a collection of market closures bolstering the scenario. These embody South Korean tech large LG shutting down LG Artwork Lab, closing X2Y2, and Bybit’s NFT Market.
learn extra: NFT gross sales slip 5.3% to $100.9 million, Bitcoin NFT gross sales fell 30%
