Bybit Web3 will discontinue some of its services due to market inactivity. Users will have until April 8 to move their NFTs and other assets.
Bybit Web3, the wallet and platform infrastructure for decentralized apps, will streamline some of its offerings. Services will end for the NFT and the Inscription market, as well as for the IDO platform. The message arrives just as some NFT projects are trying to revive their appeal, or even try new forms of fundraising.
As part of our commitment to adjusting our product roadmap and enhancing user experience, Bybit Web3 will discontinue its NFT Marketplace, Inscription Marketplace, and IDO product pages on April 8, 2025, at 16:00 (UTC).
Bybit is the Web3 division of the centralized crypto exchange Bybit, but the slowdown in some Web3 use cases requires a roadmap overhaul. Bybit Web3 offers keyless access to assets, though with the option of retaining all assets in a private key wallet.
“Bybit Web3 is evolving to focus on core innovations that bring the most value to our users. This strategic refinement allows us to enhance the overall user experience while concentrating on the next generation of blockchain-powered solutions,” said Emily Bao, Head of Web3 at Bybit.
All users will have until April 8 to move their assets and secure new wallets and platforms to hold tokens and NFTs.
Bybit Web3 prepared its users for the new optimized Web3 ecosystem for a seamless experience. Bybit Web3 has reassessed market trends and will aim for more active use cases of blockchain adoption.
All NFT users may migrate to OpenSea, Blur, or Magic Eden for Ethereum-based NFTs. For Mantle-based NFTs, trading is still available on Element Marketplace and Mintle. Bybit Web3 also supports Bitcoin-based Inscriptions, another form of permanent on-chain items. Users may migrate to Unisat or Magic Eden.
For IDO platform users, Bybit Web3 Cloud Wallets will stop supporting airdropped tokens from various campaigns. All tokens will be supported by the general Bybit Web3 wallet with a personal seed phrase, which will continue its services. The Bybit IDO launchpad has supported 37 projects, raising a total of $3.18M, with over 2,027% ROI. The platform was mostly linked to small-scale projects and was an addition to the Bybit Launchpad for IEO, which completed 70 projects.
Bybit Web3 is an otherwise active platform that offers additional decentralized services. The platform supports active airdrop campaigns and offers decentralized yield, with up to 30% APY.
Bybit Web3 wallet continues to be one of the leading decentralized tools for supporting tokens, swaps, and routing. The wallet connects to 20 networks and carries over 10K tokens. Bybit Web3 wallet is also compatible with the major DeFi apps for swapping and lending, which remain viable during this market cycle.
Bybit removes extremely slow markets
Bybit’s NFT markets are overshadowed by bigger platforms. Despite this, Crypto Punks have reached 1.57 ETH in volumes, down over 37% in the past day. Just before closing, the platform saw 853 ETH in Doodles volumes, becoming the leading NFT.
Inscriptions, also known as Ordinals, are an even slower market. Once used as a novelty, Inscriptions have volumes of only a few hundred dollars, not bringing any fees to Bybit Web3. Image and media inscriptions have slowed down, and demand for collections on Bitcoin’s main chain is negligible.
Bybit’s NFT and inscription markets have not tapped general Bybit users, despite bringing in over 60M traders worldwide. The overall sentiment is that the 2021 NFT boom is gone, and only a handful of collections are still retaining a high floor price.
NFTs often achieve outlier sales, especially for collections like Bored Apes and Crypto Punks. Recently, Cryptokhat achieved a sale of 4560 MATIC, an all-time high for the collection. However, overall, the NFT market remains unsustainable. Even Pudgy Penguins fell to 10 ETH, after having a floor price above $100K at one point.
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This articles is written by : Nermeen Nabil Khear Abdelmalak
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