Bybit is discontinuing its NFT and inscription marketplaces on April 8, 2025, to streamline its operations amid falling market interest. The exchange announced this decision on April 1, 2025, noting that it would also end its initial decentralized exchange offering initiative. The broader NFT market is experiencing a significant downturn, with daily trading volumes plummeting from over $18 million to $5.34 million in a year, reflecting a drop of 70%. This decline is stark compared to heights seen on December 17, 2024, when trading volumes exceeded $113.6 million. The market shift from speculative interest to utility-focused applications is being highlighted as NFTs are now viewed as vehicles for gaming, AI, and content authentication opportunities. Meanwhile, other NFT projects continue to experience challenges, indicating a challenging environment for speculative NFTs overall.

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