Last week, Coinbase released the beta version of its long-awaited NFT marketplace. However, the most recent platform data showed that user engagement was lower than expected.
This move comes as several NFT members express doubt about the market’s potential. Despite this, Coinbase is still a newcomer to the NFT trading space.
Collectors have been waiting for Coinbase’s NFT marketplace to begin since October 2021. When the platform’s beta version was introduced, it already had a 4 million-strong waiting list.
The platform’s success was predicted based on its groundbreaking features and previews. On the other hand, recent activity data from crypto analytics company Dune indicates the opposite.
As a consequence, the Coinbase NFT marketplace has witnessed fewer than 900 transactions from 650 consumers since April 20th. It also had a total trading volume of 73 ETH.
The information was supplied via the Ox Project. This is the open protocol that Coinbase utilizes to run the back end of the NFT marketplace. The Coinbase NFT marketplace was met with a storm of criticism shortly after its launch. Several individuals pointed out the lack of decentralization to illustrate this.
Aside from that, the platform’s innovation should help users take NFT trading to new heights. The advent of competitors such as OpenSea makes this more challenging.
“We learned that people don’t just want better tools to buy and sell NFTs,” Sanchan Saxena, Coinbase’s VP of Product, remarked. “They want better ways to discover them, better ways to find the right communities, and better spaces in which they can feel connected with each other. That’s why we’re building a product that’s much more than a transaction.”
Coinbase, on the other hand, remains the most popular bitcoin exchange in the United States. Due to its inviting user experience and assistance, the platform’s popularity has stayed stable throughout the months. As a consequence, the company’s future NFT market might be just as revolutionary.
The project’s creators will continue to improve the platform’s functionality till then. The Coinbase NFT marketplace, for example, features a social element. This application will encourage NFT artists and collectors to engage.
Several well-known NFT initiatives have already popped up as a result of this discovery. Customers will find Cool Cats and Doodles among other things. Naturally, the number of initiatives that enable NFT minting and trading continues to grow.