Cryptocurrency Exchange Bybit announced on Tuesday that it will close its non -fungal token (NFT) market on 8 April, since the company re -concentrates on its core trading services.
The decision After a security breach in February, the company cost $ 1.46 billion in stolen digital assets, which is assumed to be the largest known robbery of all time.
Bybit has instructed users to transfer their NFTs to external portfolios before the closing date to prevent potential losses.
The move comes during a broader cooling of the NFT market, with trade volumes that have fallen considerably on large platforms in recent months.
However, many in the crypto industry are still bullish on NFTs.
Canary Capital submitted an S-1 registration statement at the end of March to the US Securities and Exchange Commission (SEC) for a new NFT-oriented Exchange-Traded Fund (ETF).
ETF would invest directly in Pudgy Penguins NFTS and Pengu, the Utility token of the project, and it would also contain other crypto activa, such as Ethereum (ETH) and Solana (SOL), which are “necessary or incidental for the purchase, sale and transfer” of those tokens, per the submit.
In December, Raoul Pal said that NFTS could flourish due to debasement of fiatcurrency and the growing popularity of digital assets in younger generations.
Despite the closure of the NFT market, Bybit confirmed its dedication to blockchain technology -preliminary output, and promised improved security protocols after the infringement in February.
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