Bybit to Close NFT Marketplace Amid Weakening Market Conditions

Cryptocurrency exchange Bybit announced on Tuesday that it will close its NFT marketplace as part of efforts to streamline its offerings.

Cryptocurrency exchange Bybit will be closing its NFT marketplace as part of efforts to streamline its offerings, the company announced on Tuesday.

The company confirmed that operations for its NFT Marketplace, Inscription Marketplace, and IDO product pages will be ceasing.

The move comes as the NFT market continues to weaken, with several exchanges, including Kraken, shutting down their NFT marketplaces. X2Y2 is also planning to close its doors by the end of this month.

Despite hopes that the NFT market may be showing signs of life, it has been steadily declining since late last year.

Interest in pricey profile picture (PFP) NFTs and digital art has dwindled significantly in recent years. Popular collections like Bored Ape Yacht Club no longer generate the high trading volumes they once did, highlighting the shift in market interest.

Highlighting the severity of the downturn, blockchain analytics firm DappRadar recently reported a 95% decline in trading volumes for the most popular NFT collections since the peak in 2021.

Moreover, the number of active traders has fallen dramatically, with the number of active wallets decreasing from over 500,000 to less than 20,000.

This inactivity has also led to a decline in the number of transactions, which has dropped to 100,000 per day from a peak of 7 million in January 2022.

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