The NFT (Non-Fungible Token) Market saw a historic bounce in 2021, but now in 2024 the sector has entered the recession. Recently, Russia’s largest social media platform, VK has announced its NFT Market, VK NFT HUB to shut down by 15 April 2025. This is behind the growing financial issues and huge disadvantages of VK. In this article, we will discuss the reasons, its effects and the current status of the NFT sector.
VK’s cause of financial crisis
VK has reported a loss of about 94.9 billion rubles (about $ 1.1 billion) in 2024, three times the loss of 2023. Despite this, the company has decided to issue $ 1.36 billion shares to reduce its debt burden. In addition, VK has informed its users to transfer their NFTs to external wallets before April 15, so that their digital assets are not lost. Vk nft hub is closing when Fund nft Like NFT Market is gaining a lot of popularity.
NFT Market Close
The closure of VK NFT Hub is a major setback, as it was a major feature inside the platform VK, allowing users to verify their NFTs and include them in their avatar. Now, after April 15, VK will remove the “Neon Diamond” icon of the NFTs from the avatar of users that once referred to their NFT ownership. This is a sign that VK is considering completely exiting the area of digital assets.
Other NFT markets like X2y2 and Bybit also closed
The decision to shut down the NFT Hub of VK is part of the major changes in the NFT market. Earlier, major platforms such as X2y2 and Bybit also announced to close their NFT market. Ever capable fourth in trading volume NFT Market X2y2 will be indisposed on 30 AprilAt the same time, bybit closed its NFT Market on 8 April 2025.
NFT sector goes into recession
The NFT market was on a tremendous bounce in 2021 and was promoted by many high-profile sales. Beeple’s selling in NFT Christies of $ 69 million was a historic moment. But now, the NFT trading volume has declined by more than 90%. X2y2 saw a trading volume of just $ 53.5 million last year, much less than the highest $ 5.6 billion of 2021. Due to this recession, many platforms and companies are forced to stop their NFT operation.
Conclusion
VK’s NFT market shutdown is another strict warning to the NFT sector that this market was not completely sustainable. After the bounce of 2021, the NFT trade has declined drastically and now companies are shutting down their operations to avoid its risks. This development also makes it clear that the world of digital assets will have to be made on a strong, stable and coherent basis, so that it can be developed into a strong and strong industry in the future. Before investing in the NFT world, users will need to take more vigilant and thoughtful steps.
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