Bybit to shut down NFT marketplace as trading volumes decline

Cryptocurrency speech Bybit has announced the shutdown of its non-fungible token (NFT) marketplace.

In an April 1 announcement, Bybit warned its users that its NFT marketplace volition cease operations connected April 8, 2025, astatine 4:00 p.m. (UTC). Furthermore, astatine that time, the speech volition besides unopen down its Inscription Marketplace and its archetypal decentralized speech offering initiative.

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The announcement explains that the measures are portion of Bybit’s “efforts to streamline our offerings.” The determination follows a similar determination by large NFT marketplace X2Y2 announced earlier this week.

Charu Sethi, president astatine NFT-focused Polkadot and Kusama concatenation Unique Network, told Cointelegraph astatine the clip that the marketplace moved connected from speculative to utility-based:

“The speculative signifier focused connected collectibles and trading is over, but NFTs are present entering their adjacent maturation epoch arsenic halfway infrastructure enabling monolithic opportunities successful gaming, AI, instrumentality engagement and contented authentication.“

The NFT marketplace is connected a downward trend

The non-fungible token marketplace astatine ample is seeing a important downturn. Daily NFT trading measurement was implicit $18 cardinal 364 days agone and stands astatine $5.34 cardinal astatine the clip of work — a 70% fall.

Related: Bitcoin NFTs, layer-2 and restaking hype ‘completely gone’

The autumn is adjacent much dire erstwhile contrasted with the heights reported connected Dec. 17, 2024, erstwhile measurement exceeded $113.6 million. Since then, measurement has fallen by implicit 95%.

NFT marketplace regular trading volume. Source: Token Terminal

Weak capitalist involvement successful speculative NFTs is felt passim the market. Reports resurfaced earlier contiguous amusement that NFT task Gutter Cat Gang (GCG) saw a rocky token motorboat of its GANG token connected Apechain connected March 31, attributed to a “technical issue” by a 3rd party. However, others pointed to reportedly debased involvement successful the token.

Data shared online indicated that the task lone attracted 3.66 Ether (ETH), worthy astir $6,800, successful its token sale. This is simply a acold outcry from the project’s $1 cardinal people — but the squad has not yet addressed those claims.

A precocious March study shows that NFT income dropped sharply successful the archetypal 4th of 2025, plunging 63% year-over-year. Still, the study points retired immoderate outliers specified arsenic Doodles, Milady Maker and Pudgy Penguins each outperforming expectations.

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