Key Takeaways:
- Bybit will shut down its NFT and Inscription marketplaces, along with its IDO program, on April 8, 2025, due to falling interest and trading volumes.
- The NFT market has seen a dramatic downturn, with daily trading volumes dropping 70% YoY and over 95% since peak levels in December 2024.
- Despite the slump, some NFT projects like Doodles, Milady Maker, and Pudgy Penguins continue to defy the broader market trend.
Bybit, a major cryptocurrency exchange, announced it will shut down its NFT and Inscription marketplaces on April 8, 2025, due to declining interest and falling trading volumes.
The closure also includes its decentralized exchange offering (IDO) program, as part of a broader effort to streamline operations.
As part of our commitment to adjusting our product roadmap and enhancing user experience, Bybit Web3 will discontinue its NFT Marketplace, Inscription Marketplace, and IDO product pages on April 8, 2025, at 16:00 (UTC).
— Bybit Web3 (@Bybit_Web3) April 1, 2025
📢 Check for details: https://t.co/zgSTpiQe02 pic.twitter.com/9JhNsazTQy
This move mirrors actions by other platforms, such as X2Y2, amid a wider downturn in the NFT market.
Once booming, the NFT sector has seen daily trading volumes fall sharply—from over $18 million a year ago to just $5.34 million, a 70% drop.
At its December 2024 peak, trading volume hit $113.6 million, but has since plummeted by over 95%.
A March 2025 report also revealed a 63% year-over-year drop in Q1 NFT sales.
Industry experts believe the speculative hype around collectibles is fading, but NFTs still hold potential in areas like gaming, AI, and digital authentication.
The decline has affected individual projects too, such as Gutter Cat Gang’s failed token launch on Apechain, which raised only $6,800 versus a $1 million goal.
Despite the slump, some projects like Doodles and Pudgy Penguins continue to perform better than expected, offering hope for the sector’s next phase.
About The Author
Efe Bravo, a seasoned journalist, delivers compelling insights into the cryptocurrency and blockchain industry.
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