Nikolas Sargeant
Cryptocurrency exchange Bybit has announced it will shut down its NFT marketplace and Inscription Marketplace by April 8, 2025, following a decline in market interest and trading volumes. This decision is part of Bybit’s strategy to streamline its offerings.
The closure of these platforms comes at a time when the broader NFT market is experiencing a significant downturn. Daily trading volumes for NFTs have fallen drastically from over $18 million a year ago to around $5.34 million today. The sector has seen a decrease in speculative trading, which has contributed to waning investor interest.
Bybit’s closure follows similar moves in the industry, with other marketplaces like X2Y2 also scaling back their services. As the NFT market shifts towards more utility-based applications, platforms are adjusting their focus to stay relevant. Others like MakersPlace have shut down due to a general decline in the NFT market.
Despite the broader market slump, some NFT projects like Doodles and Pudgy Penguins have managed to exceed expectations, signaling that niche sectors within the NFT space could still see growth in the future.
