Source: Cointelegraph Original: "{title}"

Cryptocurrency exchange Bybit has announced the closure of its non-fungible token (NFT) marketplace.

In an announcement on April 1, Bybit warned users that its NFT marketplace will cease operations at 12 AM on April 8. The exchange will also shut down its inscription market and initial decentralized exchange offering (IDO) program.

The announcement stated that these measures are part of Bybit's efforts to "simplify products." This decision follows a similar move made earlier this week by the major NFT marketplace X2Y2.

Charu Sethi, president of Unique Network, which focuses on NFTs on the Polkadot and Kusama chains, previously told Cointelegraph that the market has shifted from a speculative phase to a practical phase:

"The speculative phase primarily focused on collectibles and trading, but NFTs are entering their next growth era, serving as core infrastructure and bringing significant opportunities to areas such as gaming, artificial intelligence, fan interaction, and content authentication."

Overall, the NFT market is experiencing a significant downward trend. A year ago, the average daily NFT trading volume exceeded $18 million, while at the time of this publication, it stands at just $5.34 million—a decline of 70%.

The drop is even more severe when compared to the peak on December 17, 2024, when trading volume exceeded $113.6 million, and has since fallen by over 95%.

Bybit NFT market average daily trading volume. Source: Token Terminal

The waning investor interest in speculative NFTs is reflected throughout the market. A report earlier today indicated that the NFT project Gutter Cat Gang (GCG) experienced an unstable token launch on Apechain on March 31, attributed to "technical issues" from a third party. However, some pointed out that there was clearly insufficient market interest in the token.

Data shared online indicates that the project's token sale attracted only 3.66 Ethereum (worth about $6,800), far below the project's set target of $1 million—but the team has yet to respond to this.

A report from the end of March showed that NFT sales plummeted in the first quarter of 2025, down 63% year-over-year. Nevertheless, the report noted some standout exception projects, such as Doodles, Milady Maker, and Pudgy Penguins, which performed better than expected.

Related: NFT marketplace X2Y2 shuts down after three years, shifting to artificial intelligence.

免责声明：本文章仅代表作者个人观点，不代表本平台的立场和观点。本文章仅供信息分享，不构成对任何人的任何投资建议。用户与作者之间的任何争议，与本平台无关。如网页中刊载的文章或图片涉及侵权，请提供相关的权利证明和身份证明发送邮件到support@aicoin.com，本平台相关工作人员将会进行核查。