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Coinbase NFT Releases New Features As It Struggles To Attract Traders
Coinbase continues to build out its eight-week-old NFT marketplace touting an engagement-first approach.
Himanshu S.
2:27 2nd Jul, 2022
NFTs

The cryptocurrency exchange’s NFT marketplace has rolled out a number of enhancements since its public beta launch at the beginning of May. Coinbase NFT has added an NFT “Bulk Manage” feature, a “Liked” tab, the ability to edit list prices, an insights page, and a notification hub.

It has also added rarity filters, time-delayed listings, a “Following” feed, and the ability for users to connect up to 10 crypto wallets to a single Coinbase NFT account, among other things.

But traders haven’t substantially materialized—despite the platform still holding off any Coinbase fees “for a limited time.”

According to external data from Dune Analytics, Coinbase NFT has seen about 8,202 unique buyers and sellers on its platform since it launched two months ago. There have been 20,765 transactions at time of writing, which adds up to a total volume traded of roughly $2.9 million, or 1,468 ETH, per Dune figures.

If those numbers seem high, they aren’t by comparison. Leading NFT marketplace OpenSea saw $15.6 million in total volume traded on Thursday alone. And the industry-leading platform has roughly 1.9 million registered users who have made at least one transaction on the site.

Regardless, Coinbase NFT’s development appears to be continuing, despite the broader crypto bear market and Coinbase’s recent wave of layoffs and rescinded job offers—which led some scorned would-be employees to vent online.

The response to Coinbase’s new features thread on Twitter was mixed, with some expressing concerns about the company allegedly selling user data, which Coinbase has denied, while others argued the company “failed” with its NFT marketplace launch.

But a Coinbase representative said that Coinbase NFT is a “Web3 social marketplace” and that it shouldn’t be viewed in terms of on-chain metrics alone.

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