Weekly Recap: Bybit to Shut Down NFT Marketplace Amid Industry Decline

Welcome to the latest edition of ChainPlay's Newsletter, where we dive into the week's most exciting and innovative crypto news.

ChainPlay.gg provides the latest updates, trends, and insights in the crypto market. Stay informed about key developments, investments, and growth across the industry.

Last Week’s Biggest VC Deals

Ecosystem Overview

Crypto Adoption 

Grayscale Files S-1 to Launch Spot Solana ETF on NYSE Arca

Grayscale has officially filed a Form S-1 with the U.S. SEC to launch a spot Solana ETF, aiming to list the fund on NYSE Arca under the name Grayscale Solana Trust ETF.

The ETF will track the price of SOL using the CoinDesk Solana Price Index (SLX), with Coinbase as the prime broker and custodian, and BNY Mellon as the transfer agent and administrator.

Initially, the trust will only accept cash orders for share creation and redemption, and will not participate in staking or support any SOL forks or airdrops.

SEC Sets April 11 for Second Crypto Regulation Roundtable Amid Industry Reforms

The U.S. Securities and Exchange Commission (SEC) has scheduled its second roundtable on crypto regulation for April 11, continuing its engagement with digital asset stakeholders. The event, part of the SEC Crypto Task Force’s public discussion series, follows the agency’s first roundtable held on March 21.

Led by Commissioner Hester Peirce, the task force is focused on drafting clearer regulatory guidelines for crypto assets. The roundtable aims to address how existing securities laws apply to cryptocurrencies—a point of longstanding tension between regulators and the industry.

SEC Staff Reevaluate Biden-Era Crypto Policies as Uyeda Pushes for Regulatory Reset

The U.S. Securities and Exchange Commission (SEC) is reviewing several crypto-related policies issued during the Biden administration, signaling a shift in regulatory tone under Acting Chair Mark Uyeda. The reassessment is part of a broader effort to reduce regulatory pressure on the digital asset sector and align guidance with current agency priorities.

According to Uyeda’s statement on X, SEC staff are examining key documents, including guidance on future investments in bitcoin, digital asset investment contracts, and crypto custody frameworks. This internal review could lay the groundwork for new, more accommodating regulatory structures.

The move follows Executive Order 14192 on deregulation and comes as the SEC scales back many of its high-profile enforcement actions under Trump-appointed leadership. Although the statement was issued by staff rather than a commissioner, it highlights a growing openness to reform and reflects Uyeda’s push for a more industry-friendly approach to crypto oversight.

Gamefi 

RavenQuest to Launch QUEST Token on Immutable zkEVM

Tavernlight Games, the developer behind the Ethereum-based MMORPG RavenQuest, will launch its native token, QUEST, on the Immutable zkEVM network this Wednesday. The token will be integrated directly into the game’s economy, allowing players to earn and use QUEST for land upkeep, ability upgrades, and marketplace trading.

RavenQuest, which launched on PC in March, has gained attention on Twitch with over 1.2 million hours watched in February. While skipping a large public airdrop, the game will reward early playtesters with a small token distribution.

The total supply of QUEST will be capped at 1 billion, with over half reserved for ecosystem rewards. The development team’s allocation is set under a strict vesting schedule, signaling a long-term commitment to the game's growth.

"Off the Grid" Adds Bored Ape Skins After GUN Token Launch

Gunzilla Games has added Bored Ape Yacht Club-themed content to its battle royale game Off the Grid as part of an “Ape-ril” promotion. The update includes two Bored Ape-inspired character skins, two themed weapons, and new emotes. A limited-time “Ape-fool Mask” was also available for players active on April Fool’s Day.

The release comes shortly after the launch of Gunzilla’s GUNZ mainnet and GUN token, which has dropped over 50% in value since its peak. Despite the token’s weak start, the game continues to draw attention, including from Yuga Labs CEO Greg Solano, who praised the new content. Gunzilla says mainnet integration remains a priority but has not given a timeline.

‘Forgotten Runiverse’ and ‘Pixels’ Join Forces to Bring PIXEL Token to Ronin

Two popular Web3 games on the Ronin network—Forgotten Runiverse and Pixels—are teaming up to integrate the PIXEL token into the Runiverse MMORPG. Players will soon be able to use PIXEL for in-game items, boosts, and rewards, with PIXEL earned through gameplay using the game’s own currency, Quanta.

This collaboration highlights the shared vision of both teams to build interoperable, sustainable economies in Web3 gaming. It also aims to improve player engagement and data-driven strategies for play-to-earn models.

As part of the rollout, themed quests and avatars will launch in Pixels, and the PIXEL token is expected to officially debut in Forgotten Runiverse later this quarter. Both teams view this as just the beginning of broader cooperation to push Web3 gaming into the mainstream.

Hatch Kings Launches on BNB Chain with $HATCH Token and Dragon-Themed Gameplay

Hatch Kings, a new play-to-earn game built on BNB Chain by Revolving Games, invites players to hatch, train, and level up dragons to earn rewards in the form of $HATCH, a 100% community-owned token.

The game features:

• Dragon egg rarities and level upgrades

• Daily spins and leaderboard competitions

• A Battle Pass system (free & premium)

• A VIP system offering exclusive perks and event multipliers

Players can participate in the upcoming Spinathon Event (April 11–13) to win big, including a jackpot of 30,000 $HATCH. The game also introduces Scout Nodes, where VIP users can lock tokens to earn passive income in $RCADE.

With no team or investor token allocations, Hatch Kings emphasizes fair play and player-owned economics, setting a new standard for Web3 gaming on BNB Chain.

Bài này team mình cũng có bài trên site rồi nên có thể dẫn link nếu muốn đọc thêm thì vào site mình 

NFT 

Bybit to Shut Down NFT Marketplace Amid Industry Decline

NFT marketplace daily trading volume. Source: Token Terminal

Crypto exchange Bybit will close its NFT and Inscription Marketplaces on April 8, citing a move to streamline operations as trading volumes continue to fall.

The shutdown reflects a broader market trend. Daily NFT trading volume has plunged 70% year-over-year — from over $18 million a year ago to just $5.34 million — and has dropped more than 95% since peaking at $113.6 million in December 2024.

Bybit’s decision follows similar actions by other platforms, including X2Y2. While speculative interest fades, experts like Charu Sethi of Unique Network believe NFTs are shifting toward utility-driven use cases in gaming, AI, and content authentication.

Recent market struggles include Gutter Cat Gang’s underwhelming token launch, which raised just 3.66 ETH (around $6,800) — far below its $1M goal.

Despite the downturn, some projects like Doodles, Milady Maker, and Pudgy Penguins have managed to defy the trend with stronger-than-expected performance.

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See you same place same time next week!

❤❤❤

ChainPlay team