Cryptocurrency exchange Bybit has announced the shutdown of its non-fungible token marketplace, reflecting the current trends in the NFT market.
Bybit Platform Closure
Bybit has informed its users that its NFT marketplace will cease operations on April 8, 2025, at 4:00 pm (UTC). Additionally, the operation of the Inscription Marketplace and the initial decentralized exchange offering initiative will also conclude.
NFT Market Downturn
The NFT market at large is experiencing a significant downturn. Daily NFT trading volume has decreased from over $18 million a year ago to $5.34 million, representing a 70% decline. This is particularly striking compared to the peak of $113.6 million reported on Dec. 17, 2024.
Reasons for Declining Interest in NFTs
The main reason for declining investor interest in speculative NFTs is the reduced market activity. Recent events, such as the troubled launch of the GANG token by the Gutter Cat Gang project, highlight the difficulties in attracting investor attention. Additionally, NFT sales dropped by 63% in the first quarter of 2025.
The closure of Bybit's NFT marketplace and the overall market downturn indicate a shift in the industry towards new opportunities for using NFT technology.
