​Cryptocurrency exchange Bybit has announced the closure of its NFT Marketplace, Inscription Marketplace, and Initial DEX Offering (IDO) platforms, effective April 8, 2025, at 16:00 UTC. Users are advised to transfer their assets from Bybit Web3 wallets before this deadline to ensure their security. ​

Reasons Behind the Closure

Bybit stated that the decision to discontinue these services is part of an effort to “streamline offerings and enhance user experience.” This move reflects a broader trend in the NFT sector, where several platforms are reevaluating their positions due to declining market interest.

Decline in NFT Market Activity

The NFT market has experienced a significant downturn, with trading volumes plummeting over 90% since their peak in 2021. This decline has led other platforms, such as X2Y2, to also announce the cessation of their operations. ​

Security Concerns

In addition to market challenges, Bybit faced a substantial security breach on February 21, 2025, resulting in the loss of approximately $1.46 billion. The FBI attributed this attack to the North Korean Lazarus Group. ​

Implications for Users

Users are encouraged to withdraw their assets promptly and seek alternative platforms for NFT trading and IDO participation. This development underscores the importance of platform security and the need for users to stay informed about the operational status of the services they utilize.

For those seeking reliable cryptocurrency exchange services, platforms like Revbit offer secure and user-friendly options for trading a wide range of digital assets. NFT Marketplace.