Bybit Web3 ends NFT and IDO support
Bybit Web3
Bybit Web3, the decentralized arm of crypto exchange Bybit, has announced the discontinuation of its NFT marketplace, inscription market, and IDO platform.
The services will be deactivated by April 8, giving users a short window to transfer their digital assets to other platforms, according to the Cryptopolitan.
The move comes amid sustained inactivity in these segments, with Bybit stating the decision is part of a broader strategy to streamline services and focus on areas with stronger user demand.“Bybit Web3 is evolving to focus on core innovations that bring the most value to our users,” said Emily Bao, Head of Web3 at Bybit. “This strategic refinement allows us to enhance the overall user experience while concentrating on the next generation of blockchain-powered solutions.”
Market decline drives exit
While NFTs and IDO platforms experienced a boom in 2021, market volumes have since contracted. Despite isolated high-profile sales, Bybit’s NFT volumes remained modest. In recent days, Crypto Punks traded at just 1.57 ETH, while inscriptions—Bitcoin-based digital artifacts—registered only a few hundred dollars in activity.
Bybit’s IDO platform hosted 37 projects and raised $3.18 million in total, but struggled to scale beyond smaller campaigns. It will no longer support airdropped tokens via cloud wallets, although the core Bybit Web3 wallet—secured via seed phrase—will continue to function.
Users are advised to migrate their Ethereum-based NFTs to OpenSea, Blur, or Magic Eden. Mantle NFTs remain tradable on Element and Mintle, while Bitcoin inscriptions can be moved to Unisat or Magic Eden.
Bybit Web3 will continue to operate its multi-chain wallet and decentralized finance tools, supporting over 10,000 tokens across 20 networks.
Recently, Bybit fell victim to a daring cyberattack, resulting in the theft of 401,346 ETH (approximately $1.4 billion). This hack became the largest in crypto history, surpassing even the infamous Mt. Gox breach.
