Coinbase NFT Market Gains Less Than 150 Users On First Day

Time Stamp: May 6, 2022 11:33 AM
Source Node: 1296108

The Coinbase NFT market gains less than 150 users on the first day and still has less than 1300 total users as per the Dune data so let’s read more about it in today’s Coinbase news.

The Coinbase NFT market gains less than 150 users on the first day and it is the newly launched platform by the exchange and is so far from failing to attract users. On the first day, the marketplace opened its beta up to the public yesterday which saw less than 150 new users sign up to the platform as per the data from Dune Analytics. This brought the total number of users to 1,112 as of a few days ago and at the moment, the market has 1192 total users.

Coinbase NFT also saw 150 transactions on the first open day to the public which amounted to $75,000 of ETH traded. This is less than the price of one Bored ape. The NFTs are unique tokens on Ethereum which are used to demonstrate ownership over digital items like video gaming items, art, or other assets. The market for NFTs ballooned to $20 billion in 2021 and is on pace to far exceed the figure by the end of 2022. right now, OpenSea is the biggest NFT platform on the market and generated billions of dollars worth of trading volume each month. The leading NFT market saw $177 million of coins traded on the platform and amassed over $1.65 million total users since the launch.

There’s a reason why users aren’t signing up. For one, there’s a lot of competition with companies like Rarible, Foundation, LooksRari, NiftyGateway, and super rare filing niches for smaller markets. More competitors are coming in like Kraken which already announced the waitlist open for its marketplace and will offer zero fees as well. Coinbase isn’t offering users any dramatic financial benefits for making the switch from OpenSea other than no trading fees on the platform for a limited time.

The timing of the launch is an issue as well for the coinbase NFT market. Crypto remains in the bear market with ETH being down by 44% from its ATH of $4800. the monthly NFT sales are down from the January high of nearly $5 billion via the market as it rebounded with a strong showing in April after a weak March. Coinbase NFT’s sluggish start suffered high profile and many customer service issues. Samuel Cardilo CTO of Nike’s Web brand RTFKT Studios reported that he has been blocked from Coinbase NFT for no reason behind getting ETH from sold NFTs. He tweeted that he was trying to restore the ability to use the platform for weeks after gaining access during the closed beta. Cardillo said:

“That’s why I will never ask any of our collectors to use their platform.”

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