Bybit has announced plans to discontinue some of its services due to inactivity. The platform is giving all users until April 8 to move all their assets and NFT. According to reports, the platform is planning to streamline its offering, ending service for inscriptions as well as its NFT and IDO platforms.
The platform is the Web3 division of the centralized exchange, with the slowdown in its Web3 use cases as a result of a roadmap overhaul. The platform offers users keyless access to assets, with the option of retaining the assets in a private 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,” Emily Bao, Head of Web3 Bybit said.
Bybit to remove extremely slow markets
Bybit’s NFT markets have been overrun by bigger platforms. Despite this, Crypto Punks have reached 1.57 ETH in volumes, a drop of about 37% in the past day. Just before it closed, the platform registered 833 Eth in Doodles volumes, making it the leading NFT.
The Inscriptions market has even been slower, with the once novelty sector now seeing only a few hundred dollars worth of volume and not netting Bybit Web3 any volume. Image and media inscriptions have slowed greatly, with demand for collections on Bitcoin negligible.
The platform’s NFT and inscriptions market have not appealed to the general Bybit users, despite the platform accounting for over 60 million traders globally. The overall market sentiment is that the 2021 NFT boom is gone and only a small amount of projects have been able to raise their floor price and maintain it.
NFTs often achieve huge sales sometimes, especially with famous projects like the Bored Apes or Crypto Punks. Recently, Cryptokhat sold an NFT worth 4560 MATIC, an all-time high for the collection. However, the overall NFT market remains unstable, with even Pudgy Penguins falling to 10 ETH recently after seeing its floor price surge above $100K at a point.