Coinbase’s NFT market gets off to a lackluster start – TechCrunch

it’s been a bit over two weeks since Coinbase launched its highly anticipated NFT Marketplace for some waitlisted beta users. Earlier this week, the company opened the service to the public — and the digital collectibles business has been slow.

Coinbase’s exchange has $3.2 billion in 24-hour volume and nearly 2.5 million weekly visits, according to CoinMarketCap. Since its launch on April 20, Coinbase NFT volume has reached sales worth $668,668 from a small group of 1,287 users, according to Dune Analytics data compiled by user hildobby.

So why isn’t more of its exchange’s overall volume and user base going to its NFT market?

Although Coinbase’s NFT platform is relatively new, for the second largest crypto exchange in the world, you would expect better performance.

A source close to Coinbase, who spoke on condition of anonymity, said Dune Analytics data does not provide an aggregate count of how many people have signed up on the platform.

“There is this stat that shows the total number of Coinbase NFT users, and it was misrepresented as the number of people on the platform,” the source said. “It’s not the number of people who signed up, it’s the number of people who made a transaction.”

By comparison, OpenSea, the world’s largest NFT marketplace, had nearly $3.5 billion in NFT volume from around 350,000 users since April 20. OpenSea volume was greater than 500,000% higher than Coinbase NFTs during this period.

OpenSea also accounts for the majority share of NFT market volume, followed by NFT markets LooksRare and Magic Eden, according to data from The Block. But even compared to second place LooksRare, which had $1.5 billion in NFT volume from over 21,000 users since April 20, Coinbase’s NFT market has been pretty stagnant.

Coinbase NFT opened its market to everyone on May 4. Since then, the number of users has dropped every day, hildobby’s Data shows.

“The anticipation of where it should be right now hasn’t matched expectations,” Nick O’Neill, CEO and co-founder of The Nifty, told TechCrunch. “The product is overdeveloped; we see this happening all the time.

Lance B. Holton