Bybit, one of the leading global crypto exchanges, has announced it will permanently shut down its NFT marketplace on April 8 at 4:00 PM UTC. The closure will also include its Inscription Marketplace and initial decentralized exchange offering (IDO) platform, as part of what Bybit calls a broader strategy to “streamline offerings.”

The move follows a similar exit by X2Y2, another once-prominent NFT marketplace. The decline in support from major players comes as NFT trading volumes continue to nosedive. Daily trading has plunged from over $113 million in December 2024 to just $5.3 million today—a staggering 95% drop.

Industry insiders say this signals a major shift. Charu Sethi, president of NFT-focused Unique Network, noted that the “collectibles and trading” phase of NFTs is fading. Instead, the focus is now on real-world use cases in gaming, artificial intelligence, content verification, and fan engagement.

Investor fatigue is evident. Gutter Cat Gang’s (GCG) recent token sale on Apechain fell flat, raising just 3.66 ETH (around $6,800) against a $1 million goal. The team blamed technical issues, but many pointed to a clear lack of market interest.

A report released in late March revealed a 63% year-over-year plunge in NFT sales in Q1 2025. Still, a few exceptions like Pudgy Penguins and Milady Maker continue to defy the downturn.

Bybit’s exit underscores a broader trend—NFTs are no longer the hot commodity they once were, and platforms are recalibrating for a new digital future.