After the launch of the new non-fungible token of the cryptocurrency exchange platform, Coinbase, the marketplace did not meet up to the expectation of attracting cryptocurrency fans and enthusiasts on the first day it was launched as less than 150 people traded on the platform.
Dune analytics reports that only 150 users traded using the new platform on May 5 when it was launched, minting NFTs with about $126,844 worth on the first day. Only about $41,810 worth of NFTs were sold on the second day as the number of users dropped to 117.
Dune analytics reports that only 150 users traded using the new platform on May 5 when it was launched, minting NFTs with about $126,844 worth on the first day. Only about $41,810 worth of NFTs were sold on the second day as the number of users dropped to 117
Doodles, Moonbirds, Beanz official, Tiny Cats, and RTFKT-MNLTH are the top five collections on the NFT platform. So far, only NFTs worth $737,950 have been sold, with the total number of transactions standing at 1,797, beta transactions inclusive.
Coinbase NFT marketplace
The NFT Marketplace has three tabs, namely, discover, shop, and trending, making the marketplace similar to that of a social media site. The company has plans to add drops, minting, and token-gated communities, including the option of buying NFTs using a Coinbase account or a credit card. The company is also exploring options to add support for NFTs on multiple blockchains.
Though being a major player in the crypto exchange world, Coinbase feels like it is getting into NFTs rather late and at a period where the sales of NFTs have moved exponentially. According to reports from the CryptoSlam tracker, the sales of NFT in January were $4.6 billion. With a decline of 53%, NFT sales at the end of March stood at $2.44 billion. The data further reveals that unique buyers between January and March have decreased by about 66.5%.
Coinbase Competitors
Open Sea is arguably the biggest NFT trading platform in the market now. According to reports from Dune Data, OpenSea has amassed over 65 million total users since it was launched, as it saw over $177.2 million of ETH traded on its platform yesterday. Also, Kraken has opened up its waiting list for potential buyers of its upcoming NFT marketplace. Kraken is introducing a different style of sale by offering a gasless transaction, which means traders can trade on the platform without paying a gas fee.
