Russian Social Media Giant VK Shuts Down Its NFT Marketplace

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Updated: 08 April 2025

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VK, one of the largest social media platforms in the Russian Republic, has announced plans to shut down its non-fungible token marketplace. The social media company will close its non-fungible token market next week, April 15, 2025. VK will join other notable companies, like X2Y2, Kraken, and Bybit Crypto Exchange, which have also shut down their NFT markets.

VK Shuts Down Its NFT Marketplace

In an April 7 site publication, the Kremlin-backed social media network VK confirmed plans to close its NFT platform, VK NFT Hub, this month. The social media company VK will end its service delivery for non-fungible tokens on April 15, 2025. The social media company has advised its users to transfer their non-fungible token collections to external crypto wallets before the deadline.

📢 VK will shut down its NFT Hub on April 15 following a $1.1B net loss in 2024, as the broader digital collectible space contracts. Users are advised to transfer assets.#NFT #Web3 https://t.co/fNdCu5aSt7

— Cryptonews.com (@cryptonews) April 7, 2025

Furthermore, the company has announced plans to remove the special visual markers on the VK associated with NFTs, leaving users who purchased NFTs for this feature with nothing to hold. Nonetheless, the NFT team has maintained that existing content in the VK NFT community will remain, though it’s unclear whether VK plans to return to NFTs or digital assets in the future.

Launched in December 2022, VK NFT Hub is a digital market platform allowing crypto traders in Russia to buy, sell and trade non-fungible token collections. The NFT marketplace started the journey so well but failed due to low performance in the NFT market. Since then, VK has faced financial pressure as the company’s net loss nearly tripled in 2024 to 94.9 billion roubles (around $1.1 billion), up from 34.3 billion roubles in 2023.

Firms That Have Exited The NFT Market

The social media platform VK joins the rapidly growing list of crypto projects that have exited the NFT market. Last year, the Kraken crypto exchange closed its NFT market platform. Earlier this year, the blockchain gaming giant Animoca Brands closed its Quidd NFT marketplace. In March 2025, the X2Y2 also closed down its NFT marketplace. Last week, the Bybit CEX also closed its NFT marketplace.