Coinbase’s NFT marketplace logs fewer than 150 trades on launch day

Technology


Cryptocurrency exchange Coinbase’s new non-fungible-token (NFT) marketplace has failed to attract NFT fans and enthusiasts. On the first day of its launch fewer than 150 people traded on the platform, as per the data received from Dune Analytics.

According to Dune Analytics, on May 5 when the platform was launched only 150 users traded on the platform, minting NFTs worth $126,844, on the second day it dropped to only 117, with only $41,810 (approx) worth of NFTs being sold.

The total number of transactions including the beta transactions stands at 1,797. To date, $737,950 worth of NFTs has been sold, starting April 14. The top 5 collections on the NFT platform are Doodles, RTFKT – MNLTH, Moonbirds, BEANZ Official and tiny cats.

Coinbase NFT marketplace comes with features that resemble social media platforms. The NFT marketplace has three tabs: Discover, Shop and Trending.

The company is planning to add drops, minting, token-gated communities, and the option to buy NFTs with your Coinbase account or a credit card. It is also exploring ways to add support for NFTs on multiple blockchains.

While Coinbase is a major player in the crypto exchange world, it does feel like it’s getting into NFTs a bit late, and at a time when NFT sales have plunged drastically.

According to the CryptoSlam tracker, in January the sales in NFT were $4.6 billion. By the end of March, the NFT sales stood at $2.44 billion, a decline of 53 per cent in NFT sales. The data further shows that the number of unique buyers dropped from 9.98 lakhs in January to 6.4 lakhs in March and currently stands at 3.81 lakhs for April, a decrease of 66.5 per cent for unique buyers.

Currently, OpenSea is the biggest NFT trading platform in the market, generating billions of dollars worth of trading volume every month. It is also called the eBay of the NFT world, it witnessed $177.2 million of ETH traded on its platform yesterday, and it has amassed over 1.65 million total users since launching, according to Dune data.

Meanwhile, another crypto exchange Kraken announced that it opened a waitlist for its upcoming NFT marketplace. What makes Kraken different is that it will offer gasless transactions, meaning that users won’t have to pay any gas fee for trading on the platform. “This helps you build your dream collection with near-instant transfer speeds and the peace of mind that spikes in network activity will not impact the cost of your purchases and trades,” the company said in a blog post.

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