TL;DR
- Bybit will shut down its NFT marketplace, inscription platform, and IDO service on April 8, 2025, to optimize its services.
- The NFT market has dropped 70% in one year and over 95% since December 2024, with declining interest in speculative assets.
- Bybit advised users to manage their assets before the shutdown and suggested alternative platforms for NFT trading.
Bybit announced that it will shut down its NFT marketplace, inscription platform, and decentralized initial offering (IDO) service on April 8, 2025. The company explained that this decision is part of an effort to streamline its services and adapt to current market conditions.
Over the past year, NFT trading activity has plummeted. Daily trading volumes have dropped 70% compared to the same period last year and over 95% since December 2024. This decline results from decreasing interest in buying and selling speculative digital assets. As the market evolves, the focus has begun shifting towards utility-based applications, such as integration into gaming, artificial intelligence, and digital content authentication.
Other Platforms Follow Bybit’s Path
Bybit’s announcement aligns with decisions made by other platforms. X2Y2, a well-known NFT marketplace, also recently announced changes to its business model. Investor disinterest in speculative NFTs has impacted projects that previously had an active community. One example is Gutter Cat Gang, which conducted a GANG token sale on March 31 but raised only 3.66 ETH, far below its $1 million goal.
Bybit recommended that users take action before its platforms shut down. Those holding NFTs on the Ethereum network can manage them on OpenSea, Blur, or Magic Eden, while assets on the Mantle chain can be moved to Element Marketplace or Mintle. For participants in decentralized initial offerings, the company suggested transferring received tokens to private wallets or seed phrase-based wallets.
The NFT Market Must Find New Use Cases
Despite the sector’s overall decline, some projects have maintained steady demand. Collections like Doodles, Milady Maker, and Pudgy Penguins have exceeded market expectations. However, the broader trend points to a decrease in trading activity and a shift in how NFTs are utilized.
Bybit’s decision highlights the need to adapt to a changing market. The company has not specified whether it will launch new products in this sector, but the move suggests a strategic shift toward other areas within the Web3 ecosystem.
