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Coinbase NFT Marketplace: The Beta Isn’t So Popular

Last week Coinbase launched its beta version of its long-awaited NFT market. The platform data showed that there was less user activity than anticipated.

This news comes as NFT community members doubt the marketplace’s potential. Coinbase is still in the early stages of its NFT trading segment. But, is this a good thing or not?

image of the official Coinbase NFT marketplace logo
The Coinbase NFT Marketplace launched last week, but it seems that the community is less excited than ever. Credits: Coinbase NFT

Coinbase NFT marketplace: new activity data revealed

Ever since October 2021, collectors have been eagerly waiting for Coinbase to release its NFT marketplace. The platform had already 4 million users on its waitlist when its beta version was launched.

People expected that the platform would be a success due to its unique features and previews. Recent activity data from Dune, a crypto analytics company, shows the contrary.

Accordingly, the Coinbase NFT marketplace recorded less than 900 transactions from 650 users since April 20th. Furthermore, its trading volume was 73 ETH.

The data was routed via Ox Project. This is the protocol that Coinbase uses to back up the NFT market.

screenshot of a Coinbase NFT marketplace
The digital marketplace has already featured iconic projects such as Doodle on the platform. Credits: Coinbase

How was the beta version received?

Soon after its launch, the Coinbase NFT marketplace received several critics from the community. Some users pointed out the lack of decentralization.

This is not the only problem. The platform’s innovation should allow users to take NFT trading up a notch. This is especially difficult when there are competitors like OpenSea.

“We learned that people don’t just want better tools to buy and sell NFTs,” said Coinbase’s VP of Product Sanchan Saxena. “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.”

However, Coinbase remains the largest crypto exchange in the United States. The platform’s friendly user experience, support and popularity have helped it remain popular over the past months. It is possible that its NFT marketplace will be equally innovative in the future.

image of the Coinbase NFT marketplace digital poster
The Coinbase NFT marketplace continues to develop new features for all platform users. Credits: Coinbase

Until then, the project devs are continuously working on improving the platform’s functionality. For example, the Coinbase NFT marketplace comes with a so-called social function. This feature will allow collectors and artists to socialize.

This innovation has already attracted several iconic NFT projects. This innovation has already attracted many iconic NFT projects.

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All investment/financial opinions expressed by are not recommendations.

This article is educational material.

As always, make your own research prior to making any kind of investment.

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Henry Hicks
Henry Hicks
NFT and Crypto Enthusiast. Loves Travelling and Exploring the Metaverse!


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