Last week, Coinbase finally launched the beta version of its long-awaited NFT marketplace. However, the most recent platform data revealed a lower user activity than expected.
This news comes as some NFT community members are doubting the marketplace’s potential. Nevertheless, Coinbase is only taking its first steps in its NFT trading sector – but is it a good thing?
Coinbase NFT marketplace: new activity data revealed
Ever since October 2021, collectors have been eagerly waiting for Coinbase to release its NFT marketplace. By the time its beta version launched, the platform already had 4 million people on its waitlist.
Considering its innovative features and previews, people expected the platform to be a hit. However, recent activity data from the crypto analytics company Dune shows the opposite.
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 had been routed via Ox Project. Basically, this is the open protocol used by Coinbase for the NFT marketplace’s back end.
How was the beta version received?
Soon after its launch, the Coinbase NFT marketplace received several criticisms from the community. To illustrate, some users pointed out its lack of decentralization.
Besides this issue, the platform’s innovation must help users take NFT trading to the next level. This is particularly difficult with competitors such as OpenSea around.
“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. Thanks to its friendly user experience and support, the platform maintained its popularity over the months. Therefore, its NFT marketplace might become equally revolutionary in the future.
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. The feature will facilitate socializing among NFT artists and collectors alike.
This innovation has already attracted several iconic NFT projects. For example, users can find Cool Cats and Doodles among other collectibles. Of course, the list of projects is still growing, thus facilitating NFT minting and trading.