- Bybit Web3 will shut down its NFT, Inscription, and IDO services on April 8, 2025.
- Users are cautioned to transfer their funds to other platforms before the deadline.
- This move follows low market activity and a shift in Bybit’s focus to core Web3 innovations.
Bybit will shut down its NFT Marketplace, Inscription Marketplace, and IDO platform on April 8, 2025. The exchange announced this move as part of efforts to streamline its Web3 offerings and cautioned users to transfer their assets before the deadline.
The company cited market inactivity as the reason for discontinuing the services. Despite efforts to grow its NFT platform, Bybit struggled to compete with other large marketplaces. Further, the NFT trading volumes on the platform remained low. Crypto Punks reached 1.57 ETH in trading volume, dropping over 37% in a day. Doodles led the market briefly with 853 ETH in volume before closure. However, these numbers fell short compared to competitors like OpenSea and Blur.
Bybit Web3 users can migrate their Ethereum-based NFTs to OpenSea, Blur, or Magic Eden. Mantle-based NFTs will remain available on Element Marketplace and Mintle. Bitcoin-based inscriptions, a form of on-chain digital assets, can be transferred to Unisat or Magic Eden.
The Inscription Marketplace has also suffered from low demand. Bitcoin-based inscriptions once saw high interest but have now become a niche market. Transactions in this segment have slowed significantly. The lack of volume made it unsustainable for Bybit to continue operations.
The IDO platform will also shut down. It previously supported 37 projects, raising $3.18 million. Users who received airdropped tokens must transfer them from Bybit Web3 Cloud Wallets to a personal seed phrase wallet. The closure marks the end of Bybit’s IDO launchpad, which once provided fundraising opportunities for new blockchain projects.
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Emily Bao, Head of Web3 at Bybit, stated that the company will focus on core innovations. She emphasized that the move will allow Bybit to improve user experience and explore new blockchain solutions. The company’s Web3 wallet will continue operations, supporting 20 networks and over 10,000 tokens. Users can still access decentralized finance (DeFi) services, including token swaps and yield farming, with up to 30% APY.
The NFT market has faced a downturn since its peak in 2021. Major collections like Pudgy Penguins, once valued at over $100,000, have witnessed floor prices drop to 10 ETH. Only a few top-tier collections retain value. The decline in overall trading activity has led many platforms to reassess their strategies. Bybit’s decision reflects this trend.
Despite shutting down these services, Bybit remains a key player in the crypto space. The company serves over 60 million traders worldwide, and its main exchange continues to offer trading services, derivatives, and staking options. The Web3 sector, however, will focus on sustainable blockchain solutions moving forward.
