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Cryptocurrency exchange Bybit has announced that it will end its non-fungible token (NFT) operations by April 8, 2025.
The company shared the news through a statement on its official website on April 1, advising users to manage their assets before the shutdown date. This closure will affect its NFT marketplace, as well as the Inscription Marketplace and IDO product pages.
While the company did not provide specific reasons for the discontinuation, it follows a trend seen across the industry. In recent months, several other companies have made similar moves in response to market conditions.
One example is X2Y2, a well-known NFT platform, which last week announced it would cease its operations after three years. The decision reflects the ongoing challenges faced by the NFT market.
A mix of regulatory uncertainty and a sharp market decline has led to reduced activity within the space, making it difficult for platforms to maintain their businesses.
Data from January 2025 shows that the global NFT market saw a significant drop in sales, with trading volume at $697 million, a 24% decrease from $901 million in December 2024.
This decline continues a downward trend that has been evident since the peak of the NFT boom in 2021. As the market struggles to regain momentum, more companies are choosing to step back from NFT-related services.
Last month, LG announced the closure of its NFT platform, Art Lab, set for June 17. Other companies have also exited the space, including Kraken, Immutable, Quidd, and MakersPlace.
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