Bybit is shutting down its NFT and inscription marketplaces on April 8, 2025, as part of a strategy to streamline its offerings amid declining market interest. The exchange’s decision comes after a significant downturn in the non-fungible token (NFT) market, where daily trading volume has fallen from over $18 million a year ago to approximately $5.34 million. This represents a decrease of around 70%, with some reports indicating peak volumes exceeding $113.6 million back in December 2024. Investors are showing weak interest in speculative NFTs, which has contributed to this decline. Charu Sethi from Unique Network noted that the NFT market is transitioning from a speculative phase to one focusing on utility, particularly in gaming, AI, and content authentication. Despite overall market struggles, some projects such as Doodles and Pudgy Penguins have managed to outperform expectations during this downturn.

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