Michaela
Crypto exchange Bybit has announced that it is closing down its NFT marketplace, Inscription Marketplace, and IDO product pages, signaling a possible shift in the NFT scene.
“This change will take effect on April 8, 2025, at 16:00 (UTC), after which these product pages will no longer be accessible. Users are advised to take the necessary steps to manage their assets before the discontinuation date,” Bybit wrote in their announcement.
The crypto exchange explained that its decision is aimed at simplifying and enhancing its range of services.
Bybit’s decision to shut down its NFT marketplace comes on the heels of a similar announcement from X2Y2, which recently confirmed plans to cease operations by the end of the month. Despite the closure, X2Y2 assured users that its smart contracts would remain functional.
In its announcement, X2Y2 also addressed concerns over its native token, noting that since X2Y2 tokens are closely linked to the platform’s NFT ecosystem, their value could decline following the marketplace shutdown.
NFT Marketplace Slumps
The NFT market saw a steep decline in the first quarter of 2025, with sales plummeting 63% year-over-year. According to data from CryptoSlam, total NFT sales from January to March reached $1.5 billion, a sharp drop from the $4.1 billion recorded during the same period in 2024.
March saw the biggest slump, with sales plunging 76% to $373 million compared to $1.6 billion last year. However, not all collections were hit equally—Doodles, Milady Maker, and Pudgy Penguins bucked the trend, showing resilience despite the broader market downturn.
The NFT market also struggled throughout 2024, with both major brands and emerging projects facing challenges in maintaining interest and demand. One of the most notable setbacks came in December when Nike’s virtual sneaker brand, RTFKT, announced plans to exit the Web3 space by January 2025.
As part of its wind-down, RTFKT planned to launch a website dedicated to preserving its legacy, emphasizing past projects that helped define its role in digital collectibles. The move reflects broader industry struggles as NFT adoption slows.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
