VK, Russia's largest social media platform, has announced the closure of its NFT marketplace, citing significant financial losses. This decision reflects a broader trend of contraction in the digital asset market, as companies face mounting challenges in sustaining profitability. The move underscores the growing skepticism surrounding the viability of NFTs as a stable investment, amid increasing regulatory scrutiny and market volatility. As global regulatory bodies tighten their grip on digital assets, the future of NFTs and similar innovations remains uncertain, casting a shadow over the industry's prospects.