Bybit has decided to pull the plug on its NFT marketplace, and it’s not a decision made lightly—think of it as a talented chef reluctantly closing a beloved restaurant due to dwindling diners.
In the world of digital collectibles, Bybit‘s NFT Marketplace once showcased features like low fees, bulk trading options, and compatibility with ETH-ERC721. It even promised users the ability to list and trade NFTs across several platforms with just one click. However, in an environment where interest in NFTs has faded faster than last week’s leftovers, the decision to shut down, effective April 8, 2025, seems inevitable. The decline in interest is reflecting a broader trend within DeFi’s potential to reshape financial opportunities beyond traditional banking.
The NFT market has seen a shocking decline, with trading volumes dropping more than a staggering 95% since their peak in 2021. Trading volumes for top NFT collections in Q1 2025 alone reported total sales plummeting to $1.5 billion, down 63% from the previous year.
Active wallets have dwindled to fewer than 20,000, a dramatic drop from over half a million. Collections that once captured the imagination, like Bored Ape Yacht Club, are now ghosts of their former selves.
Even Bybit’s venture into digital collectibles couldn’t escape the industry-wide retreat, which has seen platforms like Kraken and X2Y2 make similar exits due to dwindling demand. Placing bulk orders on Bybit’s NFT Pro was once a streamlined process, allowing users to engage with the market efficiently.
Adding to the mix, Bybit recently suffered a significant hack, incurring losses of $1.4 billion. This unfortunate event forced the company to reassess its operations and focus on securing its future, which evidently didn’t include maintaining an NFT marketplace.
Users have been advised to transfer their assets before the shutdown deadline.
While some niche success stories like Pudgy Penguins and Doodles still thrive, the broader NFT landscape is undeniably in disarray.
As the hype around digital ownership fades, Bybit’s closure serves as a poignant reminder that even the brightest stars can dim in an ever-changing sky.
