Bybit shuts doors on NFT marketplace as interest wanes

Bybit announced plans to unopen down its NFT Marketplace, Inscription Marketplace, and Initial DEX Offering (IDO) merchandise pages to “streamline offerings and heighten idiosyncratic experience.”

The speech is the latest level to exit a integer collectibles marketplace that has seen demand, trading volume, and idiosyncratic enactment sharply diminution implicit the past 2 years.

The closure volition instrumentality effect connected April 8 astatine 16:00 UTC. Users person been advised to transportation assets from their Bybit web3 wallets earlier the deadline.

NFT trading measurement collapse

The shutdown follows a broader inclination of waning organization involvement successful NFTs. Kraken precocious unopen down its ain NFT marketplace, portion LG Electronics has discontinued its NFT platform, LG Art Lab, aft 3 years of activity.

Data from blockchain analytics steadfast DappRadar shows that trading volumes for apical NFT collections person plummeted much than 95% since the market’s highest successful 2021. The fig of progressive wallets engaging successful NFT trades has fallen from implicit fractional a cardinal to little than 20,000 arsenic of 2025.

Total NFT income fell to $1.5 cardinal during the archetypal quarter, down from $4.1 cardinal successful the aforesaid play past twelvemonth — a 63% year-over-year drop. Sales successful March unsocial were down 76% compared to the anterior year.

Collections erstwhile synonymous with NFT hype, specified arsenic Bored Ape Yacht Club, nary longer bid important trading volumes, though a fewer projects person bucked the trend.

Pudgy Penguins saw a 13% income summation successful the archetypal quarter, reaching $72 million, portion Doodles benefited from a caller concern with McDonald’s to deed $32 cardinal successful quarterly sales.

Security concerns

Bybit’s retreat besides comes amid lingering concerns pursuing a major information breach successful precocious February.

The speech was targeted by North Korea-linked hackers who stole an estimated $1.4 cardinal successful integer assets. Much of the stolen crypto has yet to beryllium recovered, adding unit connected the speech to reevaluate hazard vulnerability and operational focus.

Bybit’s pivot illustrates the challenges facing NFT marketplaces, from diminishing request and falling volumes to mounting information risks. While immoderate niche collections stay active, the broader representation paints a sobering presumption of a assemblage erstwhile thought to beryllium the aboriginal of integer ownership.

The station Bybit shuts doors connected NFT marketplace arsenic involvement wanes appeared archetypal connected CryptoSlate.