Coinbase’s NFT Marketplace Hit By Reality as Its Beta Version Sees First Light!

Coinbase, the popular cryptocurrency exchange, launched the beta version of its NFT marketplace platform, and the results after a week were shocking. According to Dune, a crypto data analytics site, the NFT marketplace had seen only 900 transactions in total since its launch on April 20, 2022. The total value of the transactions has been only 73 ETH (roughly $214,000 at the time of writing), with only 650 users trading on the platform.

According to coinbase, this did not come as a surprise, as it had only allowed access to the NFT marketplace only to a selected number of users from the 3 million-strong waitlist that has signed up for the platform.

To compare, the legendary NFT marketplace venture OpenSea has accumulated around $808 million worth of cryptocurrency during the same period, with 36,000 users trading on the platform. Although the figures look extraordinary, these are still lesser than what the platform saw during the NFT boom in 2021.

Coinbase has informed that its social-focused NFT marketplace (interfaces suggest a mix of Instagram and OpenSea) is still under development, and newer features will be rolled out in the coming days and months. The current features include trading with ETH and posting NFTs similar to social media.

With NFTs turning the tables in recent days, Coinbase’s first week’s output may not be discouraging in hindsight, given the small user base. As more users get in and more features roll out, we can expect a new kind of NFT application in “social marketplaces,” which merge social media and marketplaces.

You can also develop such a new kind of NFT marketplace and add your ingenious ideas. Who knows, it might even break the NFT community and result in the next NFT boom. If you have such a thought about developing an NFT marketplace venture, there are a few client-centric firms that have pioneered the development of these platforms.