Bybit Shuts Down Its NFT Marketplace Ahead of April 8, 2025 Deadline

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).

Cryptocurrency exchange Bybit is shutting down 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). 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 NFT market is seeing a downturn

The non-fungible token market at large is seeing 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.

This fall is even more dire when contrasted with the heights reported on December 17, 2024, when volume went over $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 showing 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 low interest in the token.

Data shared online indicated that the project only attracted 3.66 Ether (ETH), roughly $6,800, in its token sale, a far cry from the project’s $1 million target — but the team has yet to address 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.