Bybit, a cryptocurrency exchange announced on Tuesday that it would close the non-fungible token (NFT), marketplace on 8 April as they refocus on their core trading services.
This decision follows a security breach in February that resulted in the loss of digital assets worth $1.46 billion, believed to be one of the largest known thefts.
Bybit advises users to move their NFTs into external wallets prior to the closing date in order to prevent potential losses.
This move coincides with a general cooling in the NFT markets, as trading volumes have declined significantly on major platforms over recent months.
Many in the crypto-industry are still optimistic about NFTs.
Canary Capital, in late March, filed a S-1 Registration Statement with the U.S. Securities and Exchange Commission for a newly-created exchange-traded funds (ETFs) that are focused on NFTs.
According to the filing, this ETF will invest in Pudgy Penguins NFTs as well as PENGU (the project’s utility coin) directly. It would also own other crypto assets like Ethereum (ETH), Solana(SOL), and any others that are “necessary or incidental” for the sale, transfer, and purchase of these tokens.
Raoul Pal stated in December that NFTs could flourish because of the devaluation of fiat currencies and growing interest among young generations for digital assets.
Bybit, despite the NFT market closure, reaffirmed their commitment to the advancement of blockchain technology, and promised enhanced security protocols after the February hack.
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The post Bybit Closes Its NFT Market As Crypto Sector Struggles to Recover can be updated as new information becomes available.
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