Cryptocurrency exchange 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 will cease operations on April 8, 2025, at 4:00 pm (UTC). Furthermore, at that time, the exchange will also shut down its Inscription Marketplace and its initial decentralized exchange offering initiative.
The announcement explains that the measures are part of Bybit’s “efforts to streamline our offerings.” The decision follows a similar decision by major NFT marketplace X2Y2 announced earlier this week.
Charu Sethi, president at NFT-focused Polkadot and Kusama chain Unique Network, told Cointelegraph at the time that the market moved on from speculative to utility-based:
“The speculative phase focused on collectibles and trading is over, but NFTs are now entering their next growth era as core infrastructure enabling massive opportunities in gaming, AI, fan engagement and content authentication.“
The NFT market is on a downward trend
The non-fungible token market at large is seeing a significant downturn. Daily NFT trading volume was over $18 million 364 days ago and stands at $5.34 million at the time of publication — a 70% fall.
The fall is even more dire when contrasted with the heights reported on Dec. 17, 2024, when volume exceeded $113.6 million. Since then, volume has fallen by over 95%.
Weak investor interest in speculative NFTs is felt throughout the market. Reports resurfaced earlier today show that NFT project Gutter Cat Gang (GCG) saw a rocky token launch of its GANG token on Apechain on March 31, attributed to a “technical issue” by a third party. However, others pointed to reportedly low interest in the token.
Data shared online indicated that the project only attracted 3.66 Ether (ETH), worth about $6,800, in its token sale. This is a far cry from the project’s $1 million target — but the team has not yet addressed those claims.
A late March report shows that NFT sales dropped sharply in the first quarter of 2025, plunging 63% year-over-year. Still, the report points out some outliers such as Doodles, Milady Maker and Pudgy Penguins all outperforming expectations.