Bybit to shut down NFT marketplace as trading volumes decline

Quick Summary:

Charu Sethi, president at NFT-focused Polkadot and Kusama chain Unique Network, told Cointelegraph at the time that the market moved on from speculative to utility-based:“The speculative phase focused on collectibles and trading is over, but NFTs are now entering their next growth era as core infrastructure enabling massive opportunities in gaming, AI, fan engagement and content authentication.“The NFT market is on a downward trendThe non-fungible token market at large is seeing a significant downturn.

Related: Bybit: 89% of stolen $1.4B crypto still traceable post-hackThe announcement explains that the measures are part of Bybit’s “efforts to streamline our offerings.” The decision follows a similar decision by major NFT marketplace X2Y2 announced earlier this week.

Reports resurfaced earlier today show that NFT project Gutter Cat Gang (GCG) saw a rocky token launch of its GANG token on Apechain on March 31, attributed to a “technical issue” by a third party.

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Article Details

Author / Journalist: Cointelegraph by Adrian Zmudzinski

Category: Crypto

Markets: United States

Topics: Market Exchange Million April Bybit Trading Marketplace Token 2025 Volume Interest

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2025-04-01 @ 15:41:27 (1 days ago)

News Timezone: GMT -5:00

News Source URL: cointelegraph.com

Language: English

Article Length: 380 words

Reading Time: 3 minutes read

Sentences: 19 lines

Sentence Length: 20 words per sentence (average)

Platforms: Desktop Web, Mobile Web, iOS App, Android App

Copyright Owner: © Coin Telegraph

News ID: 27516329

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