Exchanges withdrawing from NFT market: Bybit also shuts down its marketplace

Due to the slump in the NFT market, NFT marketplaces are shutting down one after another. On the 1st (local time), Bybit made an official announcement that it will close its own NFT marketplace starting at 4 pm (UTC) on the 8th.
The company announced that it will cease operations of the marketplace, and at the same time, it will also shut down its Inscription Marketplace and Initial Decentralized Exchange Offering (IDO) services.
Bybit explained that this decision was "part of our efforts to optimize our platform services." This move follows the recent decision by NFT marketplace X2Y2 to shut down.
On March 31, just one day earlier, X2Y2 closed its platform operations after three years and launched an AI-based cryptocurrency project that creates sustainable value.
The NFT market has seen a significant decline in trading volume overall. NFT trading volume exceeded $18 million per day on April 1, 2024, a year ago, but is currently at
NFT-specialized Polkadot and Kusama Chain-based Unique Network (UniqueNetwork)
"The NFT market is now in a speculative phase," Charu Sethi, president of the Bitcoin Blockchain Network, said in an interview with Cointelegraph.
"Now, NFTs have been established as core infrastructure in various fields such as games, artificial intelligence (AI), fan community participation and content authentication.
I think he will."