Bybit is shutting down its NFT marketplace, the latest in a series of recent closures by major crypto firms in the NFT sector. This decision comes as Bybit continues to deal with the repercussions of a $1.4 billion hack linked to North Korea, which occurred five weeks prior. The exchange announced that its NFT Marketplace, Inscription Marketplace, and IDO product pages will no longer be operational starting April 8, urging users to manage their assets before the deadline. The decline in NFT trading volume, which has shrunk by 90% from its peak in 2021, has contributed to the challenges in the sector, prompting other platforms, like X2Y2 and Kraken, to also halt their NFT services to refocus their efforts elsewhere. Analysts have largely deemed the NFT market as facing significant struggles, with many predicting that it will take time for the sector to recover. Despite this outlook, some industry figures believe that NFTs may find renewed interest among traditional investors in the future.

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