Russian social media company VK closes the NFT market.

VK, one of the biggest social media platforms in the Republic of Russia, announced plans to close the unchanging token market. Social media companies will end the token market that will not flourish on April 15, 2025 next week. VK will join other notable companies such as X2Y2, Krake and BYBIT Crypto Exchange to close the NFT market.

VK closes the NFT market

On April 7, Kremlin Support Social Media Network VK confirmed this month’s plan to close the NFT platform, VK NFT Hub. VK, a social media company, will end to offer an irreversible token service on April 15, 2025. The social media company advised the user to send a token collection that does not stir with an external encryption wallet before the deadline.

VK will close the NFT hub on April 15 with a $ 1.1B net loss on April 15 with a wide range of digital collectable space contracts. It is better for users to transfer assets.#nft #Web3https://t.co/FNDDCU5AST7

-Cryptonews.com (@Cryptonews) April 7, 2025

The company also announced plans to remove special visual markers from VK related to NFT, and users who purchase NFT for this function do not need to store anything. Nevertheless, the NFT team insisted that the VK NFT community’s existing content would remain, but it is not clear that VK plans to return to NFT or digital assets in the future.

The VK NFT Hub, launched in December 2022, is a digital market platform that allows Russian cryptos to buy, sell, and trade token collections. The NFT marketplace started traveling well, but failed because of its low performance in the NFT market. Since then, VK has faced financial pressure as the company’s net losses increased at 3.4 billion rubles in 2023 to nearly 390 billion rubles in 2024.

Company in the NFT market

Social Media Platform VK joins the fast -growing encryption project that ends the NFT market. Last year, the KRAKEN CRYPTO Exchange ended the NFT market platform. Earlier this year, the blockchain game giant Any Mocha brand closed the Quidd NFT marketplace. In March 2025, X2Y2 closed the NFT market. Last week, BYBIT CEX also closed the NFT market.

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