Bybit, a well-known user friendly cryptocurrency exchange, has announced delisting of its NFT Marketplace, Inscription, along with its Initial DEX Offering (IDO) platform. The decision is said to be effective from April 8, 2025 at 16:00 UTC, after the said date, these products will not be accessible to the users. The exchanges urges users to take necessary steps to manage their assets before the said deadline.
Reason Behind Bybit’s Closure of these Platforms
Since the market activity has been low from its all time high in the past three years and with increasing regulatory pressure on exchanges, the exchange after evaluating the offerings has decided to take this step.
The NFT market saw a significant downturn since its peak back in 2021. With this downturn, many of the projects observed its trading volumes dipping and many projects were not able to sustain interest of the investors.
Bybit’s decision to close this area indicates that the exchange will now focus more on projects that are more promising. The company will now be relocating its resources towards its main trading services and may come out with innovative ideas that are in line with current demand of the cryptocurrency market.
The Inscription marketplace was launched by the exchange to support both Bitcoin and Ethereum-based ecosystems, allowing users to mint and trade inscription from various blockchains.
Bybit, in this way, has formed a partnership with UniSat to enhance its position in the market but with the recent downturn, the company has decided to shut down this area as well.
Bybit’s also had an IDO platform which was designed to provide an early bird access to tokens that the exchange believed would do well at an attractive pre-sale prices. The platform displayed innovative mechanisms such as smart contracts for fair ticket allocation and a tier-based scoring system to increase participant’s chances of winning allocations.
Moreover, the IDO 2.0 model introduced features like a First-Come-First Served (FCFS) period and also had the additional lottery tickets for non-winning participants. Since, there has been a decline in user interest and shift in priorities, Bybit has decided to discontinue this services as well.
How to Manage Assets?
According to the announcement, the users can check or trade on the following platforms to manage their assets before the closure date:
NFT Market Place:
- ETH Chain: OpenSea, Blur, Magic Eden
- Mantle chain: Element Marketplace, Mintle
Inscription Marketplace:
- Unisat
- Magic Eden
IDO participants with the airdropped tokens in Bybit Web3 Cloud Wallets should transfer their tokens to Bybit Web3 seed phase wallets or to their private key wallets.
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