Coinbase NFT Introduces New Features Despite Struggles to Attract Traders

Depricated as of Oct 2022

Some CRYPKYP functionalities are depricated as of October 2022 and will no longer be populated until further development and future version.
Although all here is visible and interactable you can not Contribute to those articles.
Try looking at other information on the Platform and Contributing there!

Have a great day,

Coinbase NFT Introduces New Features Despite Struggles to Attract Traders

Coinbase NFT Introduces New Features Despite Struggles to Attract Traders
Coinbase has launched its NFT marketplace in beta. Image: Coinbase
Source: Decrypt
1656755306 02 Jul / 09:48

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.”

Last News and Media
CRYPKYP contain links to third-party websites, resources, and advertisers. CRYPKYP does not control, sponsor, recommend or otherwise accept responsibility for any third-party content because we are not responsible for the availability of these outside resources or their contents or privacy practices. It will help if you direct any concerns regarding any third-party content to such a third party. We don't accept responsibility for the content of external websites linked to through the Site or the Services. Third-party content is accessed at the user's own risk. CRYPKYP distributes content from third-party publishers as indicated on the site from time to time mainly in Airdrops, News / Media, Whale Alerts, and Rumors. In these circumstances, CRYPKYP only provides limited stylistic input to the content. CRYPKYP does not verify and takes no responsibility for the accuracy of the content provided by any such third-party publishers.