Cryptocurrency exchange Bybit has announced the shutdown of its non-fungible token (NFT) marketplace.
In an April 1 announcement, Bybit warned its users that its NFT marketplace will cease operations on April 8, 2025, at 4:00 pm (UTC). Furthermore, at that time, the exchange will also shut down its Inscription Marketplace and its initial decentralized exchange offering initiative.
Related: Bybit: 89% of stolen $1.4B crypto still traceable post-hack
The announcement explains that the measures are part of Bybit’s “efforts to streamline our offerings.” The decision follows a similar decision by major NFT marketplace X2Y2 announced earlier this week.
Charu Sethi, president at NFT-focused Polkadot and Kusama chain Unique Network, told Cointelegraph at the time that the market moved on from speculative to utility-based:
“The speculative phase focused on collectibles and trading is over, but NFTs are now entering their next