Bybit to Discontinue NFT and Inscription Platforms by April 8 Following Market Downturn
- Bybit will shut down NFT, Inscription, and IDO marketplaces by April 8, 2025.
- Bybits NFT trading volume drops from last year, prompting discontinuation.
- Bybits loss from hacking leads to major crypto offerings and service changes.
The Bybit cryptocurrency exchange will end its NFT marketplace and Inscription service operations starting from April 8th, 2025. The business model evolution of Bybit now features simpler product lines through this strategic change.
In addition to closing NFT and Inscription operations Bybit will stop offering Initial Decentralized Exchange Offering (IDO) products. The decision comes after major platforms made comparable choices because of recent NFT market developments.
Bybits Efforts to Streamline Operations
Bybits decision to wind down its NFT and Inscription marketplaces is part of a broader strategy to refocus its operations. The exchange stated that it aims to improve its platform by reducing the number of products available.
As of April 8, users will no longer be able to access the NFT marketplace, and those with assets in the Inscription marketplace will also see service discontinuation. The crypto exchange has advised users to transfer their assets before the specified deadline to ensure the security of their holdings.
The shift occurred following Bybits troubled period that involved a significant security breach in February 2025. The crypto exchange lost approximately $1.5 billion due to the hacking incident for which North Korean cybercriminals were responsible. Bybits CEO Ben Zhou assures tracking the stolen funds, but some of those stolen crypto assets have vanished permanently. The security breach has sparked widespread security worries, which now drives the crypto exchange to review its overall offerings.
NFT Market Faces Declining Demand
The move to discontinue the crypto exchanges NFT marketplace reflects a larger downturn in the NFT sector. According to reports, the NFT market experienced a 70% decrease in trading volumes compared to 2024. The NFT trading market experienced a substantial decrease to $5.34 million daily trading volume from its previous peak of $113.6 million in December 2024. This decrease in NFT market value stems from investors losing interest in speculative purchases while they shift their attention toward speculative NFT usage across gaming and artificial intelligence.
The overall market decline did not affect certain NFT projects which surpassed projection forecasts. Continuous growth in the NFT space becomes evident through successful performance from projects like Doodles, Milady Maker and Pudgy Penguins.
User Instructions and Asset Management
Users at the crypto exchange are advised to take asset management steps before the April 8 deadline. The transfer of NFT tokens to OpenSea, Blur and Magic Eden platforms is actively promoted to NFT holders. Users operating on the Inscription marketplace should migrate their assets between platforms like Unisat and Magic Eden to provide suitable alternatives. IDO participants using the crypto exchange should move their airdropped Web3 Cloud Wallet tokens into a personal wallet before the shutdown.
Read more: https://www.tronweekly.com/bybit-announces-shutdown-of-nft-ido-platforms/
Text source: TronWeekly
