Coinbase NFT says that the move will give its developers more time to concentrate on other aspects of its product.
Wednesday, Coinbase NFT stated that it is “pausing” future NFT releases, but specified that it is not closing its marketplace entirely. “We are pausing creator Drops on the NFT marketplace to focus on other features and tools that creators have asked for,” Coinbase NFT said on Twitter.
“We believe that ultimately these changes will bring increased focus and efficiency to the Coinbase NFT team’s ability to build an enduring product that best serves the community in the long-term,” a Coinbase spokesperson told Decrypt via email. “Our mission for Coinbase NFT remains unchanged and we remain optimistic about our future as we continue building.”
What is Coinbase’s purpose?
It is unclear why Coinbase NFT must stop launches with creators in order to provide additional features. It may be because of a shortage of personnel, since Coinbase has been laying off employees over the past year. Just last month, Coinbase announced that it was laying off another 950 employees.
Its Chief Product Officer Surojit Chatterjee also left the business just six months after the lackluster launch of Coinbase NFT. In an effort to attract more users, Coinbase NFT has continued to offer additional features for its marketplace, including as a bulk manage tool, rarity filters, and time-delayed listings, since its release in the spring of 2022.
According to a Dune Analytics dashboard, however, its efforts have not been particularly fruitful, as the market has seen only $106 in total volume traded over the past 24 hours.
Since its launch last year, Coinbase NFT has seen nearly $7.34 million in total trading volume. Rival marketplace OpenSea saw more than $11.3 million in total Ethereum NFT volume trade yesterday alone.
The most volume Coinbase NFT has ever seen in an only one day happened in early September, when 447 ETH worth approximately $735,315 were traded.
Twitter users’ reaction
Twitter users continued to criticize Coinbase’s NFT marketplace, making jokes about the marketplace’s small user base in response to its announcement that it would pause creator drops. “The seven people who use your platform were worried,” borovik.eth joked.
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