Bybit, a cryptocurrency exchange, announced it’s shutting down its NFT marketplace on April 8th. The company says it’s refocusing on its core trading business.
The Big Picture
This decision comes on the heels of a massive February security breach that saw $1.46 billion in digital assets stolen – reportedly the largest crypto heist ever. Bybit is urging users to quickly move their NFTs to other wallets before the marketplace closes to avoid losing them. The move also reflects the current downturn in the NFT market, with trading volumes dropping across major platforms.
NFTs: Still a Thing?
Despite the downturn, some in the crypto world remain optimistic about NFTs. Canary Capital recently filed paperwork with the SEC for a new NFT-focused ETF. This ETF would invest in Pudgy Penguins NFTs and their associated token, along with other cryptocurrencies like Ethereum and Solana. Financial expert Raoul Pal also previously predicted that NFTs could boom due to factors like inflation and growing interest from younger generations.
Bybit’s Future
While closing its NFT marketplace, Bybit stressed its continued commitment to blockchain technology. The company promised improved security measures following the recent breach.
