title: Bybit to Close Its NFT Marketplace on April 8

Cryptocurrency exchange Bybit announced Tuesday it will close its non-fungible token (NFT) marketplace on April 8 as the company refocuses on its core trading services.

Crypto exchange Bybit will close its non-fungible token (NFT) marketplace on April 8, the company announced Tuesday. The company will be shutting down the platform as it pivots its strategy to concentrate on core trading services.

The move comes after Bybit was hit by a major security breach in February, with hackers stealing an estimated $1.46 billion in digital assets, making it the biggest known heist of all time.

It also comes during a broader cooling of the NFT market, with trading volumes declining significantly across major platforms in recent months.

However, many in the crypto industry are still bullish on NFTs. Last month,Canary Capital filed an S-1 registration statement with the U.S. Securities and Exchange Commission (SEC) for a new NFT-focused exchange-traded fund (ETF).

The ETF would invest directly in Pudgy Penguins NFTs and Pengu, the project’s utility token, and it would also hold other crypto assets, like Ethereum (ETH) and Solana (SOL), that “are necessary or incidental to the purchase, sale and transfer” of those tokens, according to the filing.

Earlier this year, Real Vision founder and macro investor Raoul Pal said that NFTs might flourish due to fiat currency debasement and the growing popularity of digital assets among younger generations.

In December, a crypto analyst known as "BTC_Wolf" on Twitter said that NFTs could revolutionize the music industry.

Announcing the closure of its NFT marketplace, Bybit advised users to transfer their NFTs to external wallets before the closure date to avoid potential losses.

Announcing the closure of its NFT marketplace, Bybit advised users to transfer their NFTs to external wallets before the closure date to avoid potential losses.

The crypto exchange also stated its ongoing commitment to advancing blockchain technology. It promised to introduce heightened security protocols following the recent breach, which is currently under investigation by the exchange.

The crypto exchange also stated its ongoing commitment to advancing blockchain technology. It promised to introduce heightened security protocols following the recent breach, which is currently under investigation by the exchange.