The NFT market from Coinbase started dim – TechCrunch

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It’s been a while more than two weeks after Coinbase launched its long-awaited NFT market for individual beta users is on the waiting list. Earlier this week, the company opened a service to the public – and the trade in digital collectibles was sluggish.

The Coinbase is open 24 hours a day a volume of $ 3.2 billion and nearly 2.5 million visits per week, according to CoinMarketCap. Since its launch on April 20, Coinbase NFT’s sales have reached $ 668,668 in a small pool of 1,287 users, according to data on Dune Analytics, compiled by hildobby.

So why does most of the total stock market and user base not enter its NFT market?

Although the Coinbase NFT platform is fairly new, for the world’s second-largest cryptocurrency exchange, better performance can be expected.

A source close to Coinbase, who spoke on condition of anonymity, said Dune Analytics data does not provide the total number of people who have subscribed to the platform.

“There is one statistic that speaks to the total number of Coinbase NFT users, and it was misrepresented as the number of people on the platform,” the source said. “It’s not how many people signed up – so many people made the transaction.”

By comparison, OpenSea, the world’s largest NFT market, has had nearly $ 3.5 billion in NFT volume with approximately 350,000 users since April 20. The volume of OpenSea is over 500,000% higher than Coinbase NFT for this time period.

OpenSea also makes up the bulk of the NFT market, followed by the NFT LooksRare and Magic Eden markets. data of The Block showed. But even resisted the second place LooksRare that had $ 1.5 billion in the volume of NFT to more than 21,000 users since April 20, the NFT Coinbase market is in a fairly stagnant state.

Coinbase NFT opened its market to everyone on May 4th. Since then, the number of users has been declining day by day, Hildobby’s data shows.

“The premonition of where it should be now didn’t live up to expectations,” said TechCrunch’s Nick O’Neill, CEO and co-founder of The Nifty. “The product is overdeveloped; we see it happening all the time. ”

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