Bybit Shuts Down Its NFT Marketplace, Inscription Marketplace, and IDO Product Pages

Bybit has announced the closure of its NFT Marketplace, Inscription Marketplace, and IDO product pages. This decision is part of the company’s efforts to simplify its services.

According to an announcement by crypto exchange Bybit, the platform will be shutting down its NFT Marketplace, Inscription Marketplace, and IDO product pages on April 8, at 16:00 (UTC).

This decision is part of the company’s efforts to simplify its services and follows a significant decline in NFT trading volumes, a major challenge for the NFT market over the past twelve months.

As a result, several NFT services are struggling to maintain their user base and liquidity.

Announced Through Email

The closure period began on March 26, and the company is shutting down these product pages due to changes in industry strategy, leading to the termination of NFT and IDO services. However, Bybit will continue to operate actively in other parts of its business.

The company is expanding its trading capabilities and building better relationships with regulatory authorities.

Recently, Indian authorities approved Bybit to provide full services to its users in the country after the exchange completed registration procedures. All Bybit products became available to traders in India when trading activity resumed on February 25.

Major Shifts As A Result Of A Difficult Year For The Crypto Market

The move comes as major crypto platforms are shutting down parts of their services due to what appears to be regulatory pressure.

Following a turbulent year for the cryptocurrency market, global regulators are turning their attention to the sector after a series of major security breaches.

The recent business changes at Bybit are focused on two key areas: reducing strategic risk and stabilizing core operations.

Several NFT services are struggling to maintain their user base and liquidity as the market environment has prompted Bybit to discontinue its NFT and IDO services.

The platform is shutting down its NFT and IDO services, but users are advised to handle their assets before the closure period to avoid any inconvenience, according to Bybit.

The exchange will continue to support users in managing their assets through other platforms that allow them to view NFTs with inscriptions.

For instance, Ethereum NFT owners can engage in trading operations through the OpenSea, Blur, and Magic Eden platforms. Meanwhile, users of the Mantle chain will need to transfer their assets through Element Marketplace to Mantle for access.

Moreover, users of the Inscription Marketplace can still carry out their transactions through Unisat, similar to Magic Eden. Lastly, participants in IDO should move the Tokens awarded by Bybit from Bybit Web3 Cloud Wallets into Bybit Web3 seed phrase wallets or personal key wallets, as recommended by Bybit.

Earlier this year, X2Y2 announced that it would be shutting down its platform.