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Bybit Shutters NFT Exchange and IDO Offerings
In a move that has sent shockwaves through the crypto and blockchain industry, Bybit Web3 announced yesterday that it would be discontinuing its NFT Marketplace, Inscription Marketplace, and IDO product pages. This change will take effect on April 8, 2025 at 16:00 (UTC), after which these product pages will no longer be accessible.
The decision is likely a result of the significant decline in interest and trading volume for non-fungible tokens (NFTs) over the past year. In a terse statement issued by Bybit Web3, it was noted that this change is part of their efforts to streamline their offerings.
Bybit’s NFT Marketplace launched in 2022 as an attempt to provide users with an easy way to buy, sell, and trade NFTs without needing external wallets. The platform later added support for inscriptions, a newer form of on-chain digital collectibles. However, it appears that the market has shifted away from these products.
The company’s IDO (Initial DEX Offering) platform, which was created to give users early access to new crypto projects, often offering discounted tokens before public release, had also seen significant declines in retail participation and investor interest.
It is not clear what will happen to existing assets or the fate of Bybit Web3 employees who worked on these projects.
Source: https://fullycrypto.com/bybit-shutters-nft-exchange-and-ido-offerings?utm_source=rss&utm_medium=rss&utm_campaign=bybit-shutters-nft-exchange-and-ido-offerings
