Bybit Abandons NFT Venture Amidst Waning Interest

Bybit Shuts Down Its NFT Marketplace

Cryptocurrency derivatives exchange Bybit has announced that it will be shutting down its non-fungible token (NFT) marketplace, Bybit NFT, effective immediately.

The news was revealed in a statement posted on Bybit's official Twitter account, which stated that the decision was made "after careful consideration" and that the company would be focusing on its core business of cryptocurrency derivatives trading.

Bybit NFT was launched in June 2021 as a platform for creators to mint, buy, and sell unique digital assets, such as art, collectibles, and in-game items. The marketplace allowed users to purchase NFTs using a range of cryptocurrencies, including Bitcoin, Ethereum, and Bybit's native token, Binance Coin (BNB).

The shutdown of Bybit NFT comes as the broader NFT market has experienced significant declines in recent months. According to data from CryptoSlam, the total value of NFT sales has fallen by over 70% since the start of the year, with some marketplaces reporting losses of up to 90%.

Bybit's decision to shutter its NFT marketplace is likely to be seen as a sign of the challenging market conditions, and may prompt other cryptocurrency exchanges and platforms to reassess their NFT offerings.

The shutdown of Bybit NFT is also likely to have an impact on the creators and artists who used the platform to showcase and sell their work. Bybit has not provided any information on how affected users will be compensated or supported in the wake of the marketplace's closure.