At Coinbase, the marketplace dedicated to non-fungible tokens (NFTs) continues to struggle. It has indeed just suspended the drops of NFTs from creators… But insists on the fact that Coinbase NFTs will continue to exist. Update on what is happening on the exchange.
NFT dops temporarily halted on Coinbase
The Coinbase division was launched last May, when all the major exchanges had a dedicated marketplace for non-fungible tokens. But it was struggling to attract enough users. To the point of having to revise its ambitions downwards? This is what seems to emerge from a message from Coinbase, published yesterday on the company’s Twitter account:
We recently shared that we are pausing creator Drops on the NFT marketplace to focus on other features and tools that creators have asked for.
To be clear: We are not shutting down the Coinbase NFT marketplace.
— Coinbase NFT (@Coinbase_NFT) February 1, 2023
“We recently shared the information that we are pausing creator drops on the NFTs Marketplace, in order to focus on other features and tools that have been requested by creators. To be clear: we are not shutting down the Coinbase NFT Marketplace.»
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Particularly disappointing results for Coinbase
This clarification post shows that Coinbase is, to say the least, entangled in a project that is not working as well as expected. As a reminder, the launch of the marketplace had attracted very few users, and volumes have been very low since. According to data shared by Dune Analytics, the trading volume of Coinbase NFTs only reached $1,783 in the last seven days… And 30 dollars over the last 24 hours.
This is not only explained by the global context, the NFT market having experienced rather positive weeks since the beginning of the year. Coinbase therefore seems to be in difficulty when it comes to attracting users. But this does not change the ambitions of the companywho was reassuring:
“Rest assured that our mission for Coinbase NFT has not changed, and that we remain optimistic about our future as we build it. We are excited to find new opportunities to work with creators in the future.»
Large marketplaces often stand out for their ability to attract innovative “drops”, so this new development shows that Coinbase is deliberately cutting part of what drives the NFT industry . The marketplace will therefore have to find new ways to attract a user base that is still largely non-existent.
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Source: Coinbase via Twitter
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