Coinbase’s NFT marketplace is off to a slow start – Marketingwithanoy

It’s been a bit more than two weeks since Coinbase launched its highly anticipated NFT marketplace for select beta users on the waiting list. Earlier this week, the company opened the service to the public — and trading digital collectibles has been slow.

Coinbase’s exchange has a 24-hour volume of $3.2 billion and nearly 2.5 million weekly visits, according to CoinMarketCap. Since its launch on April 20, Coinbase NFT volume has reached revenue of $668,668 across a small pool of 1,287 users, according to Dune Analytics data compiled by user hildobby.

So why isn’t a larger portion of his exchange’s total volume and user base flowing into his NFT market?

While Coinbase’s NFT platform is fairly new, for the world’s second largest crypto exchange, you should expect better performance.

A source close to Coinbase, speaking under the condition of anonymity, said the Dune Analytics data does not give an overall number of people who have signed up for the platform.

“There’s that one stat that says the total number of users of Coinbase NFT, and it’s misrepresented as the number of people on the platform,” the source said. “That’s not how many people signed up — that’s how many people made a transaction.”

In comparison, OpenSea, the largest NFT marketplace in the world, had nearly $3.5 billion in NFT volume at approximately 350,000 users as of April 20. The volume of OpenSea was more than 500,000% higher than Coinbase NFTs during that period.

OpenSea also has the largest share of NFT marketplace volume, followed by NFT marketplaces LooksRare and Magic Eden, data from The Block shows. But even compared to runner-up LooksRare, which had $1.5 billion in NFT volume for more than 21,000 users as of April 20, Coinbase’s NFT market is fairly stagnant.

Coinbase NFT opened its marketplace to everyone on May 4. Since then, the number of users has decreased every day, hildobbies data show.

“The expectation of where this should be now has not lived up to expectations,” Nick O’Neill, CEO and co-founder of The Nifty, told Marketingwithanoy. “The product is overdeveloped; we see this happening all the time.”

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