Bybit Shuts Down NFT Marketplace Amid Crypto Market Downturn

Cryptocurrency exchange Bybit is shutting down its non-fungible token (NFT) marketplace, showing how things are changing in the digital world. On April 1, they said the NFT marketplace will stop working on April 8 at 4:00 pm (UTC). They‘re also closing their Inscription Marketplace and a project for new decentralized exchanges. Bybit says this is to “streamline our offerings,” meaning they’re stepping back from a part of their business thats not doing well.

This move is like what X2Y2, another big NFT marketplace, did recently. It‘s a sign that the NFT world is shaking up. People who know a lot about this stuff think NFTs are changing. Charu Sethi, who runs Unique Network, a platform on Polkadot and Kusama, told Cointelegraph, “The speculative phase focused on collectibles and trading is over, but NFTs are now entering their next growth era as core infrastructure enabling massive opportunities in gaming, AI, fan engagement and content authentication.” In simple terms, NFTs aren’t just for buying and selling anymore—theyre starting to be useful in real ways.

But the NFT market is having a tough time. A year ago, people were trading $18 million worth of NFTs every day. Now, it‘s down to $5.34 million—that’s a 70% drop. It‘s even worse if you look back to December 17, 2024, when trading hit $113.6 million. Now it’s fallen by more than 95%. People dont seem excited about risky NFTs anymore, and the market feels stuck.

For example, the Gutter Cat Gang (GCG) project tried to launch its GANG token on Apechain on March 31, but it didn‘t go well. They only got 3.66 Ether (ETH), which is about $6,800, when they wanted $1 million. The team said it was a “technical issue” with someone else, but some people think no one cared enough to buy it. GCG hasn’t said anything about this yet.

A report from late March makes it clear: NFT sales in the first three months of 2025 dropped 63% compared to last year. Even so, some projects like Doodles, Milady Maker, and Pudgy Penguins are doing okay and holding up better than others. But overall, people arent as thrilled about NFTs for quick profits anymore.

Bybit leaving NFTs shows how hard things are right now. Trading is way down, and people aren‘t as interested. The focus is moving to NFTs that do useful things. No one knows if this change will save the market. The NFT world, which used to be super hot, is cooling off fast. Companies like Bybit are figuring out what to do next. We’ll have to wait and see if this is the end or a fresh start for NFTs.