Bybit Pulls the Plug on NFTs: Hype Fizzles, Volumes Tumble

In a strategic effort to refocus its core offerings, Bybit has announced the closure of its NFT-related services, citing broader platform optimization goals.

Starting April 8, 2025, the exchange will phase out:

• The Inscription Marketplace
• Its NFT Marketplace
• The IDO platform for decentralized token launches 

To avoid asset loss, users must migrate their tokens to supported platforms before the April deadline.

Recommended platforms for Ethereum-based tokens include OpenSea, Blur, and Magic Eden.

For tokens on the Mantle network, consider Element Marketplace or Mintle.

Participants in IDO offerings should safeguard their tokens by moving them to wallets with self-managed private keys, offering a higher degree of control and security.

Keywords: NFT migration, Ethereum marketplace, Mantle assets, IDO safety, OpenSea, Mintle, private wallet, Blur, Magic Eden

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NFT trading is down—way down.

Over the last year, both volume and trader activity have tumbled. Token Terminal reports that daily NFT trading volume has fallen more than 90%, crashing from $100 million at its 2024 peak to just $5 million today.

The NFT Exodus: Crypto Platforms Turn the Page

Bybit's retreat from NFTs mirrors a larger trend. Kraken was early to pull back. X2Y2, once an NFT marketplace, is now focused on developing AI models that offer yield without requiring users to surrender control of their assets.

“The NFT chapter taught us a lot—most of all, that lasting value beats chasing trends. That lesson's why we're drawing a line here, not a pause or a maybe, but a full stop on X2Y2 as we knew it,” X2Y2 wrote in its closing remarks.

Experts suggest the NFT cool-off is less collapse, more correction. It marks the industry’s transition from hype-fueled trading to more function-oriented applications—where NFTs become usable tools in the Web3 environment rather than mere collectibles.

Top NFT collections are still in play—collectors and traders haven’t lost interest entirely.

Read on: Bybit: The Rise, Struggles, and Future of a Leading Crypto Exchange

The closure of Bybit’s NFT Marketplace is emblematic of a wider course correction within the crypto industry. Rapid innovation often leads to even faster obsolescence. As a result, companies are shifting resources away from fading trends like NFTs and into more robust, scalable areas of digital finance and Web3 infrastructure.