Coinbase NFT platform could not manage to attract a large audience
The Coinbase NFT platform, which was launched in April, fell short of expectations. Despite the fact that more than 4 million users have joined the Coinbase NFT waitlist, in three months the trading volume on the marketplace was only about $3 million.
For reference, in three months after the opening of the online trading platform for NFTs OpenSea there were transactions for almost $6 billion.
OpenSea’s main competitor LooksRare, which was launched in January, has a trading volume of almost $2.40 billion.
There are about 9,000 active customers on the Coinbase NFT platform now, which is much less than the number of users who have registered in the marketplace waitlist. At the same time, there are more than 700 thousand users on OpenSea, and more than 50 thousand on LooksRare.
One of the reasons for the low popularity of Coinbase NFT may be a crash of the crypto market. The interest in the platform could also decrease because in the beginning the access to the platform was granted only to customers from the waitlist.
Moreover, the platform was launched when the hype for art tokens had already subsided. The beta version of the project was launched four months later than the date specified. Then the decline of the NFT market began, which reflected the general trend in the crypto sphere.
Despite the crash of the crypto market and the failed launch of the NFT platform, Coinbase intends to continue the development of this service. In order to increase its popularity, it is planned to add new features. According to Coinbase representatives, the company does not consider increasing the number of completed transactions and trading volume as a priority target.
Earlier in the year, Coinbase and Mastercard started cooperation. It will allow clients to buy NFTs for fiat money via bank cards.
The company also plans to expand its activities in European countries.