It’s been a while More than 2 weeks from Coinbase Release The long-awaited NFT marketplace for carefully selected waitlist beta users. Earlier this week, the company opened its service to the public – and trading in digital collectibles is sluggish.
Coinbase exchange is available 24 hours a day $ 3.2 billion volume and nearly 2.5 million weekly visits, According to CoinMarketCap. Since its launch on April 20, Coinbase NFT’s volume has reached $ 668,668 worth of sales across a small pool of 1,287 users. data In Dune Analytics compiled by user hildobby.
So why doesn’t the volume of the entire exchange and most of its user base flow into the NFT market?
Coinbase’s NFT platform is fairly new, but you can expect better performance with the world’s second largest crypto exchange.
According to sources close to Coinbase, who spoke anonymously, Dune Analytics data does not provide the total number of people who have signed up for the platform.
“There is one statistic that shows the total number of users of Coinbase NFT, which is misrepresented as the number of users on the platform,” said a source. “It’s not the number of people who signed up. It’s the number of people who made the transaction.”
By comparison, OpenSea, the world’s largest NFT marketplace, has had an NFT volume of about $ 3.5 billion for about 350,000 users since April 20th. The OpenSea volume has ended. 500,000% higher Than Coinbase NFT during that period.
OpenSea also occupies most of the volume of the NFT marketplace, followed by Looks Rare and Magic Eden of the NFT marketplace. data Shown from the block. However, I also got stuck against Looks Rare in 2nd place. $ 1.5 billion With more than 21,000 user NFT volumes since April 20, Coinbase’s NFT market is quite stagnant.
Coinbase NFT opened the marketplace to everyone on May 4th. Since then, the number of users has been declining every day. data show.
Nick O’Neill, CEO and co-founder of The Nifty, told TechCrunch: “The product is under development. This always happens.”