The Coinbase marketplace is officially in beta, and more people can access it to buy and sell their favorite digital assets, for free! Coinbase will charge 0% commissions on all transactions, at least for now.
Coinbase NFT Marketplace Updates
Coinbase NFT has been hovering around the NFT space since last year. As one of the largest cryptocurrency exchanges in the world today, having an NFT marketplace is almost mandatory to complete the Coinbase ecosystem.
don’t panic, fren
— Coinbase NFT (@Coinbase_NFT) May 4, 2022
Over the past two weeks, around 1.5 million users had the privilege of enjoying the platform before the beta version went live.
Since the early access went live, some of the members expressed their frustration towards the platform. Coinbase assures the community that they are still trying to figure things out, and the beta version will allow the community to help them in the process.
Access will continue its waitlist position as the company gradually allows more users in.
Is it another NFT marketplace?
With this platform, the company intends to add drops, minting and token communities. There will also be an option to purchase NFT with your Coinbase account or a credit card.
As the industry moves forward, the Coinbase marketplace understands the need to add support for NFT on other blockchains as well. When the time comes, they will also look to decentralize more functions.
In addition to improving the user experience across the board, Coinbase is focusing on the social aspect, which sets it apart from other platforms. Similar to social media platforms, users can curate their personal profiles with NFTs that tell their stories.
Users can connect to any self-curated wallet and choose to show or hide their digital assets. There is even a comments section below each NFT, enabling engagement between collectors and creators.
Coinbase NFT Marketplace gains only 150 users on its first public day
Coinbase NFT Marketplace’s first day didn’t go so well. The newly launched cryptocurrency exchange NFT Marketplace only gained less than 200 new users when it opened its platform to the public.
Coinbase NFT Marketplace attracts few users
After letting in exclusive people from its waiting list in recent weeks, the largest U.S. cryptocurrency exchange opened its marketplace on May 4. According to data from Dune Analytics, the marketplace had only 150 users when it opened its public beta. The added users made a total of 1,112 users on Coinbase NFT as of Wednesday night. At the time of writing, the marketplace has a total of 1,233 users.
In addition, the platform saw only 150 transactions on its first day open to the public. Dune said these amounted to about $75,000 in ETH, which is less than the price of a Bored Ape.
Why Coinbase’s market is off to a slow start
There are four possible reasons why NFT collectors did not rush to sign up and trade on Coinbase NFT. For one, there is already a lot of competition. There’s Opensea, the first and largest NFT marketplace. There’s also SuperRare, LooksRare, Foundation, Rarible and NiftyGateway, which fill the niches of smaller markets.
Coinbase also does not offer any significant financial advantage for users to switch from OpenSea. The platform only promised no trading fees for a limited time, but users still have to pay gas fees.
In addition, the timing may have also affected the launch of Coinbase’s NFT marketplace. Cryptocurrencies remain firmly in a bear market and monthly NFT sales are also down from January’s peak of about $5 billion.
Coinbase NFT’s slow start has also had high-profile problems with customer service. Samuel Cardillo, who is the CTO of RTFKT Studios, said he has been blocked from Coinbase NFT “for absolutely no reason besides getting ETH from sold NFTs.” According to his tweets, he has been trying for weeks to restore his access to the platform since he gained access during the closed beta.
“This is why I will never ask any of our collectors to use your platform,” Cardillo’s tweet read.
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