A cryptocurrency exchange has revealed plans to close its non-fungible token (NFT) marketplace.
In an announcement dated April 1, the exchange informed users that the NFT marketplace will stop operations on April 8, 2025, at 4:00 pm (UTC). Additionally, the platform will also discontinue its Inscription Marketplace and initial decentralized exchange offering initiative at that time.
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The reasoning behind these actions is part of the exchange’s efforts to streamline its services. This decision aligns with similar moves made by another significant NFT marketplace earlier this week.
Charu Sethi, president of a blockchain project focused on NFTs, mentioned during a recent interview that the market has transitioned from a speculative phase to one based on utility:
“The era centered on collectibles and trading is behind us. NFTs are now stepping into a new phase of growth as vital infrastructure for vast opportunities in gaming, AI, fan engagement, and content verification.”
The NFT market is experiencing a downturn
The broader non-fungible token market is currently facing a considerable decline. Daily trading volume for NFTs was reported at over $18 million a year ago but has since dropped to around $5.34 million — a decrease of 70%.
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The situation is even more dramatic when compared to December 17, 2024, when trading volume surpassed $113.6 million. Since then, there has been a staggering decline of over 95%.
Daily trading volume for the NFT marketplace. Source: Token Terminal
A lack of investor enthusiasm for speculative NFTs is impacting the entire market. Earlier today, reports emerged indicating that the NFT project Gutter Cat Gang (GCG) experienced a problematic token launch for its GANG token on Apechain on March 31 due to a “technical issue” attributed to a third party. Some observers noted a seemingly low interest in the token as well.
Data circulating online suggested that the project only succeeded in raising 3.66 Ether (ETH), approximately $6,800, in its token sale, falling significantly short of its $1 million goal — though the team has yet to address these claims.
A report from late March revealed a dramatic 63% year-over-year drop in NFT sales during the first quarter of 2025. However, it also highlighted exceptions like Doodles, Milady Maker, and Pudgy Penguins, which exceeded expectations.
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