According to an April 1 press release, Bybit Web3 will discontinue several of its offerings, including its NFT Marketplace, Inscription Marketplace, and IDO product pages, on April 8, 2025, at 16:00 UTC. The trading platform announced the decision as part of its efforts to streamline operations, urging users to manage their assets before the shutdown.
“As part of our efforts to streamline our offerings, Bybit Web3 will discontinue operations for its NFT Marketplace, Inscription Marketplace, and IDO product pages,” Bybit stated in the press release.
Marketplaces to Cease Operations
Following the closure, Bybit Web3’s NFT and Inscription Marketplaces will no longer be accessible. Users with NFT assets on the Ethereum and Mantle chains are advised to trade or check their holdings on alternative platforms. Ethereum-based NFTs can be accessed via OpenSea, Blur, and Magic Eden. On the other hand, Mantle-based NFTs will be available on Element Marketplace and Mintle.
For inscriptions, users can turn to Unisat and Magic Eden. The company has not specified whether it will provide additional support after the shutdown.
IDO Participants Must Transfer Assets as Bybit Web3 Plans to Shut Down
Bybit also advised users who participated in Initial DEX Offerings (IDOs) to transfer any airdropped tokens stored in Bybit Web3 Cloud Wallets. These tokens should be moved to a seed phrase wallet or a private key wallet before the discontinuation date to avoid potential loss of access.
While Bybit has not provided further details on the reason behind the decision, the move comes amid a broader industry trend of exchanges reassessing their Web3 strategies.
