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).

Cryptocurrency exchange Bybit is shutting down its non-fungible token (NFT) marketplace, the company announced on April 1.

In a message to its users, Bybit said that its NFT marketplace will cease operations on April 8, 2025, at 4:00 pm (UTC). At that time, the exchange will also close 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.

As Sethi explained to Cointelegraph, the market moved on from speculative to utility-based. After the hype cycles of 2024, blockchain technology is now being used to build new and interesting use cases. For example, the founders of NFT project Gutter Cat Gang (GCG) launched its own chain to develop new use cases for NFTs and Web3.

Non-fungible token (NFT) market activity continues to decline. Over the last 364 days, daily NFT trading volume has fallen by 70%.

At the time of writing, daily NFT volume stands at $5.34 million. For some context, 364 days ago, daily volume was $18 million.

The fall in volume is even more stark when comparing it to the heights reached on December 17, 2024. At the time, daily NFT volume exceeded $113.6 million. Since then, volume has fallen by over 95%.

Weak investor interest in speculative NFTs is being felt throughout the market. Reports surfaced earlier today that NFT project Gutter Cat Gang (GCG) saw a rocky token launch of its $GANG token on Apechain on March 31.

A report by Token Terminal showed that the project's token offering attracted 3.66 Ether (ETH), worth about $6,800, which is a far cry from the project's $1 million target. However, it's important to note that the Gutter Cat Gang team has not yet addressed those claims.

Earlier this week, data from ChainMagic showed that NFT sales dropped sharply in the first quarter of 2025, plunging 63% year-over-year.

Despite the bleak outlook, the report highlights some outliers, such as Doodles, Milady Maker and Pudgy Penguins, all of which outperformed expectations.