The Cryptocurrency Exchange Bybit has made an important announcement that, it will shut down its NFT and inscription marketplace on 8 April. This step is part of the company’s strategic initiative, which is trying to make its services easier. Bybit informed its users on 1 April that, on April 8, 4:00 PM (UTC), the services of their NFT marketplace and inscription marketplace will be closed. Along with this, the company’s initial decentralized exchange offering (IDO) will also end. Let us know what is the reason behind this decision taken by bybit.
NFT Marketplace declines and investors’ interest decreased
This decision has been taken by Bybit when there is a slowdown in the NFT Marketplace. There has been a major decline in the trading volume of NFT. A year ago, the Daily Trading Volume of NFT was more than $ 18 million, but now it has come down to just $ 5.34 million, indicating a 70% decline. In December last year, when the volume was more than $ 113.6 million, the figure has fallen by 95%. The main reason for this decline is the reduced interest of investors and low attraction of speculative NFTs.
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Big steps taken by bybit and other exchanges
This step of bybit matches the recently taken steps by large NFT marketplace like X2y2. The NFT market is no longer speculative, but has become a utility based, which has changed the pace of the market. Recently, NFT focused polkadot and Chairman of Kusama Chain Distinctive Community, Charu Sethi said that the NFT market is now converting into some utility-based products, which are high in demand.
In addition, NFT projects such as Gutter Cat Gang (GCG) faced a technical problem during the launch of their Gang Token in March and limited token selling to only 3.66 ether (about $ 6,800). Which was much less than its target of $ 1 million.
According to a report released at the end of March, the NFT selling has declined by 63% in the first quarter of 2025, which is a huge decline compared to the previous year. However, some NFT projects such as Doodles, Milady Maker and Pudgy Penguins have crossed expectations and have shown good results, but the decline of the entire NFT Marketplace is clearly visible.
Conclusion
Bybit’s decision to shut down the NFT marketplace indicates a major change that is happening in the NFT industry. This step is especially taken in view of the current status of the market, where more than speculative investment is being promoted to utility and stability. Although some major NFT projects such as doodles and pudgy penguins are still moving towards success, many exchanges feel the need to re -structure their services due to lack of markets and reduction in interest of investors. This step of bybit can affect the development and direction of the NFT market in the coming time. Along with this, if you want to know in detail, that What is NFTSo you can know by clicking on this link.
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