VK Shuts Down NFT Hub: Why the Social Network is Leaving the Digital Asset Market

The leading player in the Russian Internet - VK - unexpectedly announced news: until April 15, the VK NFT Hub project is officially closed. The reason is banal but painful - enormous financial losses that the social network is no longer willing to endure.

VK, which holds a significant place in the domestic Internet culture, confirmed that the losses have reached a critical mass. In 2024, the company will incur record losses of 94.9 billion rubles (approximately 1.1 billion dollars at the current exchange rate). For comparison, the previous year the losses were a 'modest' 34.3 billion rubles.

Meanwhile, users are strongly advised to evacuate their NFTs to external wallets - otherwise, there is a chance to say goodbye to the tokens forever. After April 15, the branded badges in the form of neon diamonds, which NFT owners flaunted on their avatars, will also disappear.