Bybit Announces Closure of NFT Marketplace, Inscription Marketplace, and IDO Services
Bybit, a cryptocurrency exchange, officially announced that it would shut down its three primary services: NFT Marketplace, Inscription Marketplace, and Initial DEX Offering (IDO) on April 8, 2025, at 16:00 UTC. This announcement is part of the company’s strategy restructuring amid falling consumer interest in the NFT industry. If we compare it, it’s like a shopping mall that used to be busy, but now has fewer visitors, finally deciding to close and focus on more popular business lines.
Immediate Action Required for Users
This step requires users who were previously active in the three services to take action immediately. Bybit advises those who still store assets in Web3 wallets to immediately move them to personal wallets with passphrases or private keys. Meanwhile, for NFT collectors who want to stay in the market, there are several alternatives mentioned such as OpenSea and Magic Eden.
NFTs Cool Down, But Bybit Heats Up Elsewhere
The closure of this service is actually not too surprising considering market conditions. Daily NFT trading volume is reported to have fallen by more than 70% compared to last year. Even when pulled from its peak popularity in December 2024, this decline is more than 95%. However, this decision does not mean that Bybit is faltering. On the contrary, they remain active in other sectors that are actually growing. One of them is their involvement in the large flow of funds to centralized exchanges last March. According to data from DeFiLlama, Bybit recorded a capital inflow of $3.61 billion, placing them in second place for overall trading volume.
New Focus on Transparency and Tech Support
On the other hand, CNF previously reported that in February, Bybit launched a financial and operational disclosure system for projects listed on their spot platform. This program is meant to let users view not only the nice promises in the whitepaper but also the performance and openness of the project directly. SoSoValue (SOSO), one of the first projects to join this program, claims a 35% rise in daily users and a 629% rise in income following Bybit listing.
Furthermore, Bybit also shows its technological commitment by supporting the Sei (SEI) network upgrade to version 6.0.5, which is scheduled to take place on April 2, 2025, at 14:00 UTC. Although some features will be lost from the dashboard screen, it does not mean that Bybit users have to leave. The exchange still has many other product lines that continue to grow. In fact, this reduction could be a sign that they want to maintain efficiency and only focus on things that users are really interested in right now.