Russian social network VK closes NFT marketplace as net loss almost triples

The social network supported by the Kremlin VK will close its NFT platform this month, after a year of deepening of losses and a planned action of $ 1.36 billion to reduce debt.

Russian The social media company VK plans to close its market for non -spoiled tokens, VK NFT Hub, on April 15, said the team, ending a service that was launched in December 2022. In a public announcementUsers were invited to transfer their tokens to external portfolios before the deadline.

After April 15, special visual markers on VK associated with Nft – The small neon diamonds that appeared on the avatars – will be deleted, leaving users who bought NFTS for this feature without anything. The NFT team has added that the content existing in the VK NFT community will remain, although it is not clear if VK plans to return to NFTS or to digital assets in the future.

The closure comes as VK faces financial pressure while the net loss of the company almost tripled in 2024 at 94.9 billion rubles (approximately $ 1.1 billion), against 34.3 billion rubles in 2023. In the midst of the drop in financial health, the company revealed plans to increase up to 115 billion rubles thanks to a new program to reduce the debt.

It is understood that the company will order the funds received to reduce its debt burden. As Crypto.News reported it earlier, March marked a turning pointWith a series of market closures intensifying the situation. These included the LG South Korean technology giant closing its LG art laboratory, as well as the X2Y2 closings, and the BYBIT NFT Marketplace, among others.