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Coinbase NFT is incorporating additional new features for its relatively modest user base.
Since its public beta debut at the beginning of May, the cryptocurrency exchange's NFT marketplace has undergone several upgrades. Coinbase NFT has included: A "Bulk Manage" function, A "Liked" tab, The option to adjust list prices, An insights page, A notification hub.
In addition, it has incorporated rarity filters, time-delayed listings, a "Following" feed, and the option for users to link up to ten cryptocurrency wallets to a single Coinbase NFT account.
Despite the company still waiving Coinbase costs “for a limited period,” traders have not appeared in significant numbers.
Since its introduction two months ago, Coinbase NFT has attracted about 8,202 unique buyers and sellers, according to statistics from Dune Analytics. At the time of writing, there have been 20,765 transactions, with a total volume of around $2.9 million, or 1,468 ETH, according to Dune.
If these statistics look excessive, they are not when compared to others. OpenSea, the leading NFT platform, witnessed a total trading volume of $15.6 million on Thursday alone. In addition, about 1.9 million registered users have completed at least one transaction on the platform.
Regardless, Coinbase NFT’s growth looked to be continuing, despite the overall crypto bear market and Coinbase’s recent round of layoffs and revoked job offers—which prompted some disgruntled would-be workers to express their displeasure online.
The response to Coinbase’s new features thread on Twitter was divided, with some users expressing worry over the firm allegedly selling user data, which Coinbase has disputed, and others claiming the company “failed” with the introduction of its NFT marketplace.
However, a Coinbase spokesman told Decrypt that Coinbase NFT is a “Web3 social marketplace” and should not be evaluated based on on-chain data.
Coinbase NFT is focused on developing its platform; revenue will come later, according to the business.
“We do not focus solely on transaction numbers and volume,” a Coinbase representative told Decrypt via email. The business failed to reply to further requests for user counts and engagement information.
“There are many other folks on the platform that are interacting and driving use of the social features,” the representative stated. “We’re early in beta and have many new features coming out regularly. Our focus is on the community using those features to make our marketplace feel more social.”
On Coinbase’s first-quarter earnings call in May, CEO Brian Armstrong stated he was “really pleased” with Coinbase NFT’s achievements and hoped to extend support for more blockchains in the future.
“We’re going to keep investing in it,” Armstrong added.
But how much does Coinbase invest in its cryptocurrency exchange? According to President Emilie Choi, the answer is less than 10% of the company’s overall budget.
Choi stated at the results conference, “We allocate roughly 10% of our budget to longer-term bets such as the NFT marketplace.”
