Market Downturn: ByBit Halts Operations of its NFT Platform, Inscription Marketplace
- Bybit is shutting down the Inscription Marketplace and IDO product pages, as it aims to simplify its services.
- Bybits move comes at a time when other companies such as X2Y2, Kraken, Nikes (RTFKT), and LG have closed their respective NFT platforms.
- There have been dramatic value declines, for all the leading NFT collections such as CryptoPunks and Bored Ape Yacht Club.
The leading cryptocurrency exchange Bybit has announced that it is shutting its NFT marketplace. This is part of a wider trend where many companies active in the crypto world are increasingly exiting the NFT space, which used to be so promising.
This update comes as Bybit is trying to overcome the consequences of a serious hack that occurred about five weeks ago. On April 1, Bybit closed down the NFT marketplace, known as the Inscription Marketplace, including its IDO product pages, to simplify its services.
The platform will no longer be available after April 8, and users have been told to manage their assets before then. This decision follows the $1.4 billion stolen from the exchange in February in a major security breach.
The FBI has linked this theft, regarded as one of the biggest crypto hacks in history, to North Korea.
X2Y2, Kraken, Nike, and LG Joins Bybit to Exit the NFT Space
Bybit is not the only company that has closed its NFT marketplace. Most other players in the industry have also made the same choice. Another marketplace, X2Y2, recently stated it would cease operations.
However, X2Y2s closure came after a dramatic decline in NFT trading volume on its platform over the years. Other major exchanges like Kraken also halted their NFT marketplace on February 27, announcing plans to move to other new products and services.
Also, the leading electronics company LG will close its well-known NFT platform, LG Art Lab, on June 17, 2025. They noted that it was a good time to shift their focus and seek new possibilities.
The Bored Apes and CryptoPunks See Massive Value Erosion in NFT Market Crash
The NFT market was once viewed as a highly promising sector within digital art and ownership but has been plagued by serious issues. As of then, many NFT collections were once sought after for their great value.
Leading NFTs like CryptoPunks are now being sold for 42.59 ETH, a huge 66 percent less than its price of 125 ETH as of August 2021. Furthermore, Bored Ape Yacht Club NFTs have performed even worse, falling 90 percent from a peak of 153.7 ETH in May 2022 to 15.35 ETH today.
Read more: https://www.tronweekly.com/bybit-halts-operations-of-its-nft-platform/
Text source: TronWeekly
