David Edwards
Bybit, a prominent cryptocurrency exchange, has announced the termination of its non-fungible token (NFT) marketplace, Inscription Marketplace, and Initial DEX Offering (IDO) services, effective April 8, 2025, at 4:00 PM UTC. This strategic move aims to streamline Bybit’s product offerings amid a significant downturn in the NFT market.
The NFT sector has experienced a notable decline over the past year. Daily trading volumes have plummeted by approximately 70%, from over $18 million to $5.34 million. The decrease is even more pronounced when compared to the peak on December 17, 2024, when volumes exceeded $113.6 million, marking a drop of over 95%.
Bybit’s decision mirrors similar actions by other platforms. For instance, X2Y2, once a leading NFT marketplace, announced its closure due to collapsed trading volumes and plans to pivot towards AI-powered decentralized financial tools.
Users affected by Bybit’s service discontinuation are advised to manage their assets before the April 8 deadline. Bybit recommends alternative platforms for NFT trading, including OpenSea, Blur, and Magic Eden for Ethereum-based NFTs, and Element Marketplace and Mintle for assets on the Mantle chain. IDO participants should transfer their airdropped tokens from the Bybit Web3 Cloud Wallet to private Web3 wallets. Crypto Briefing+2crypto.news+2Cryptonews+2Cryptonews+2Crypto Economy+2Crypto
This development underscores the evolving landscape of the NFT market, as platforms adapt to shifting market dynamics and investor interests.
