Bybit’s NFT marketplace is calling it quits, set to shut down April 8, 2025, after getting hammered by a massive $1.4 billion security breach. North Korean hackers took the blame for this one. The closure comes amid an industry-wide NFT meltdown, with trading volumes plummeting over 95% since 2021’s glory days. Users need to grab their digital collectibles from Bybit’s web3 wallets before the lights go out. The full story behind this crypto catastrophe goes deeper than just numbers.
Crypto exchange Bybit is pulling the plug on its NFT marketplace, marking another casualty in the rapidly deflating digital collectibles space. The shutdown, scheduled for April 8, 2025, comes after a devastating $1.4 billion security breach linked to North Korean hackers. Talk about a rough way to start the year.
The writing was on the wall. NFT trading volumes have nosedived more than 95% since their 2021 peak, with once-mighty collections like Bored Ape Yacht Club now struggling to attract buyers. First-quarter sales in 2025 hit a measly $1.5 billion – a 63% plunge from the previous year. Those digital monkeys aren’t looking so special anymore. Active NFT trading wallets have dwindled from over 500,000 to under 20,000 by 2025.
NFT collections crash and burn as trading volumes plummet 95%. Even Bored Apes can’t find love in this ice-cold market.
Bybit isn’t alone in this exodus. Kraken already threw in the towel on its NFT marketplace, and LG Electronics quietly shuttered its Art Lab platform after three years of underwhelming performance. Raoul Pal and other experts still see strong appeal among younger generations. The trend is clear: centralized exchanges are backing away from NFTs faster than investors dumping their jpeg collections.
Security concerns have become impossible to ignore. February’s massive breach forced Bybit to reevaluate its entire operational strategy. Users have been told to clear out their NFTs from Bybit web3 wallets before the marketplace goes dark – a sobering reminder that not all digital assets have staying power.
The future of NFT trading appears to be shifting toward decentralized platforms, where utility-driven tokens might just save the day. Gaming assets and practical applications could breathe new life into the space, but don’t hold your breath for another NFT gold rush.
Despite the doom and gloom, some optimists remain. Canary Capital’s proposed NFT-backed ETF suggests there’s still appetite for digital collectibles – just not in their current form. The industry is learning some hard lessons about security, regulation, and the dangers of putting all your eggs in the jpeg basket.
For now, Bybit’s decision to focus on its core trading services feels less like surrender and more like survival instinct. Sometimes you’ve got to know when to fold ’em.
