Coinbase is continuing to expand its NFT marketplace, which has been in operation for eight weeks. It promotes an engagement-first approach. Coinbase NFT has added new features to its small user base.
Since its May 1st public beta launch, the NFT marketplace of cryptocurrency exchanges has seen a variety of improvements. Coinbase now offers NFT Bulk Manage, a tab called “Liked”, the ability to edit prices and an insights page.
It also has rarity filters, delayed listings, a “Follow” feed, and the ability to connect up 10 crypto wallets to one Coinbase NFT account.
But traders haven’t substantially materialized–despite the platform still holding off any Coinbase fees “for a limited time.”
According to Dune Analytics external data, Coinbase NFT reported that it has had 8,202 unique buyers/sellers since its launch two months ago. At the time of writing there were 20,765 transactions, which amounts to approximately $2.9 million or 1,468ETH per Dune figures.
These numbers may seem impressive, but they are not by comparison. OpenSea, a leading NFT marketplace, saw $15.6 Million in total volume trades on Thursday. The platform is a market leader with nearly 1.9 million users, who have completed at least one transaction.
Despite the crypto bear market, Coinbase NFT’s growth appears to be continuing, despite Coinbase’s recent wave of layoffs , and rescinded jobs –which caused some scorned wouldbe employees to vent on-line.
There was mixed reaction to Coinbase’s Twitter thread about new features. Some expressed concerns about Coinbase selling user information. Coinbase denied. Others claimed that the company “failed” when it launched its NFT marketplace.
However, a Coinbase representative stated to Decrypt that Coinbase NFT was a ” HTML3 social market” and should not be considered in terms of only on-chain metrics.
Coinbase NFT is currently focusing on building its product. Monetization, according to company, will follow.
A Coinbase spokesperson stated via email that they do not only focus on transaction volume and transaction numbers. Further requests for engagement statistics or user counts were not answered by Coinbase.
The spokesperson stated that “there are many other people on the platform who are interfacing and driving use of social features.” We are still in beta, and there are many new features that will be added regularly. We are focusing on the community’s use of these features to make our marketplace feel social.
Brian Armstrong, Coinbase CEO, stated that he was “really happy” with Coinbase NFT’s performance so far and that he would like to support more blockchains during the quarter earnings call.
Armstrong stated, “We’re going continue to invest in it.”
How much Coinbase is investing in its NFT market? President Emilie Choi says that the answer is less then 10% of the company’s total budget.
Choi stated that roughly 10% of the budget is allocated to long-term bets like the NFT market.