- Bybit has announced that it will shut down some of its web3 products
- Some of the products include wallets, Swap and Bridge, and NFT-focused offerings
- The exchange wants to concentrate on fewer blockchain projects as a way to optimize its offerings
Popular crypto exchange Bybit has announced it’s winding down multiple web3 products to allow it to optimize its remaining offerings. Among the products that will face the axe in the coming days, starting this month, are its Cloud Wallet, Swap & Bridge, Keyless Wallet, and NFT-focused offerings. Apart from optimizing its remaining products and services, the exchange wants to shut down some of its products to help it cater to the long-term needs of the web3 community, a sign that the hype around web3 products has died down, making it hard for these products to generate enough revenue to sustain themselves.
Delivering High-Quality Services to Web3 Users
In an announcement, Bybit said the move is geared towards “delivering high-quality services to [its] web3 users,” adding that it’s also part of ushering in “a new phase of growth, innovation, and ecosystem enhancement.”
The exchange’s Cloud Wallet and Keyless Wallet will be unavailable after May 31. Users are encouraged to move their assets to other wallets like the Bybit Seed Phrase Wallet, which is unaffected by the shutdown.
The Bybit NFT Marketplace is also facing the axe and will be inaccessible after May 31. Other offerings like Web3 Points will be shut down on April 28. The move comes a few weeks after the exchange pulled the plug on its Initial DEX Offering (IDO), decentralized exchange ApeX, DEX Pro, NFT Pro, and Inscriptions.
📢 Important Notice for Bybit Web3 Users
As part of ongoing product optimization, several Web3 services — including Cloud Wallet, Keyless Wallet, DEX Pro, Swap & Bridge, and NFT Marketplace — will be discontinued by May 31, 2025.
Please review the full announcement and take… pic.twitter.com/q8SRnedTmo
— Bybit Web3 (@Bybit_Web3) April 16, 2025
Staking and Aidrop Arcade Retained
Bybit has retained the operations of a few products, including DApps, staking, Airdrop Arcade, and the Seed Phrase Wallet. The exchange’s move comes as more crypto, blockchain, and web3 projects either shut down or pivot to other areas.
NFT marketplace X2Y2, for example, recently announced that it’s shutting down to explore the AI world. A recent DappRadar report indicated that web3 projects are shutting down due to declining usage and revenue.
With Bybit shutting down most of its web3 products, it’s likely that other popular crypto exchanges offering web3 projects are also feeling the heat and are on the verge of announcing a similar move.
