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Coinbase denies shutting NFT marketplace amid dwindling use


cryptoslate.com 02 February 2023 10:05, UTC
Reading time: ~2 m

Coinbase NFT has denied rumors that it is shutting down its marketplace, saying it was only pausing creator drops on the platform, according to a Feb. 1 statement.

The crypto exchange’s NFT platform said it made this decision to “focus on other features and tools that creators have asked for.”

Coinbase did not explain why it paused drops to focus on tool development. The exchange has yet to respond to CryptoSlate’s request for comment as of press time.

Coinbase NFT sees little usage

The exchange’s NFT platform has yet to see much success since its launch in 2022. The platform’s volume in the previous 24 hours was just $30, and $1,783 over the last seven days, according to Dune analytics data. The platform has a cumulative volume of $7.34 million.

Coinbase NFT buyers and sellers peaked in June 2022, with 1,729 weekly users. Since then, the weekly marketplace users dropped to less than 500 towards the end of September. In 2023, the platform has consistently seen less than 200 weekly users.

Meanwhile, rival marketplaces like Blur and OpenSea‘s trading volume in the last 24 hours was $13.92 million and $9.05 million, respectively, according to Dappradar data.

Coinbase introduces new tools

Meanwhile, despite the underwhelming performance of its marketplace, the crypto exchange has introduced new tools to help improve its users’ experience and the safety of its Wallet app.

The Brian Armstrong-led exchange will allow its users to protect their digital assets by enabling them to preview interactions with a smart contract before the transaction approval. The wallet also introduces new measures like token approval alerts, a Dapp blocklist and spam token management.

These tools would give users increased clarity, better guardrails, and more control over their assets, according to the exchange.

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