Bybit Shuts Down NFT Marketplace Amidst Industry Slump

Crypto exchange Bybit has announced the closure of its NFT marketplace, Inscription Marketplace, and IDO product pages, signaling a further decline in the struggling NFT sector. The company’s decision follows a major security breach last February that resulted in a $1.4 billion theft, adding to Bybit’s challenges. Bybit joins other major platforms exiting the NFT market, which has seen trading volume plummet by 90% since its peak in 2021. 2023 has witnessed a wave of closures within the NFT space. Other significant firms like X2Y2 and Kraken have already announced they’re shutting down their NFT offerings due to shrinking demand and lack of network effects.