Coinbase NFT Releases New Features as It Struggles to Attract Traders

Since its May 1st public beta launch, the NFT marketplace on Coinbase NFT has seen various improvements. Coinbase NFT now offers NFT Bulk Manage, a "Liked" tab, the ability to edit list prices and insights pages, and a notification hub.

It also has rarity filters, delayed listings, a "Following feed," and the ability to connect up to 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."

Dune Analytics has provided external data that shows Coinbase NFT has had 8,202 unique buyers/sellers since its launch two months ago. At the time of writing, there were 20,765 transactions, amounting to approximately $2.9 million or 1,468ETH in total trading volume.

These numbers may seem impressive, but they are not by comparison. For example, OpenSea, a leading NFT marketplace, saw $15.6million in total volume traded Thursday. The platform is a leader in NFT trading and boasts nearly 1.9 million users who have completed at least one transaction.

Despite the crypto bear market, Coinbase NFT appears to be advancing despite recent layoffs and rescinded job offers. Unfortunately, this led to some disgruntled employees venting online.

There was a mixed reaction to Coinbase's thread about new features on Twitter. Some expressed concerns that the company might sell user data. Coinbase denies this, while others claimed the company "failed" with its NFT marketplace launch.

A Coinbase representative informed Decrypt that Coinbase NFT was a Web3 social marketplace and should not be considered in terms of only on-chain metrics.

Coinbase NFT is currently focusing on building its product. Monetization, according to the company, will follow.

Coinbase spokesperson said that "We don't focus solely upon transaction numbers and volumes." However, Coinbase did not answer further requests for engagement statistics or user counts.

The spokesperson stated, "many other people on the platform are interfacing and driving the use of social features." We are still in beta, and many new features 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 would like to support more blockchains during the quarterly earnings call.