Bybit Becomes Latest Crypto Firm to Shutter NFT Marketplace
Summary
Bybit will discontinue its NFT marketplace, Inscription Marketplace, and IDO product pages effective April 8, following a significant hack in February that resulted in a $1.4 billion theft. Users are advised to manage their assets before the shutdown. This decision aligns with a trend of crypto firms exiting the NFT sector, including X2Y2, which cited a 90% drop in NFT trading volume since 2021 and is pivoting to AI. Kraken also closed its NFT marketplace in February to focus on new products. Other companies like Nike-owned RTFKT and LG are ceasing their NFT operations due to declining market values. The NFT market has struggled significantly, with major collections like CryptoPunks and Bored Ape Yacht Club experiencing steep price drops.
