VK to Shut Down NFT Marketplace Amid Financial Losses

According to PANews, Russian social media giant VK has announced the closure of its NFT marketplace, 'VK NFT Hub,' on April 15 due to escalating financial losses. The company reported a net loss of 949 billion rubles (approximately $11 billion) in 2024, nearly three times the loss recorded in 2023. VK advises users to transfer their NFTs to external wallets before the shutdown to avoid losing access.