Is This the End of an Era? Bybit Joins Other Crypto Giants in Abandoning NFTs

Bybit NFT and Inscription Marketplaces Shutting Down on April 8

Bybit is shutting down its NFT and Inscription Marketplaces on April 8 as part of streamlining efforts. The closure follows similar moves by X2Y2, Kraken, RTFKT (Nike-owned), and LG’s planned shutdown of LG Art Lab.

NFT trading volume has fallen 70% year-over-year, with daily volume down from $18M to $5.34M. The NFT market has seen a 95% drop from its peak of $113.6M daily volume in December 2024. There is an industry shift from speculative trading to utility-based NFTs, with some collections like Doodles and Pudgy Penguins outperforming.

Bybit announced the closure of its NFT marketplace effective April 8, 2025, at 4:00 pm UTC. The shutdown includes both its NFT and Inscription Marketplaces as well as its initial decentralized exchange offering initiative.

This move comes as part of Bybit’s “efforts to streamline our offerings,” according to their April 1 announcement. Users have been advised to manage their assets before the platform becomes inaccessible on the shutdown date.

The closure follows a February 2025 hack of the exchange that resulted in $1.4 billion in stolen cryptocurrency. This hack, attributed to North Korea by the FBI, was reportedly the largest crypto theft to date.

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