Coinbase NFT Released New Features While Struggling To Attract Traders

The coinbase NFT released new features as they are struggling to attract more traders, touting an engagement-first approach so let’s read more today in our latest Coinbase news.

The Coinbase NFT released more features for its small userbase since its public beta launch and it added an NFT Bulk Manage feature as well as a Liked tab with the ability to edit list prices, insights page, and the notification hub. It also added rarity filters, a “following” feed, and the ability for the users to connect up to 10 wallets to a single NFT account among other things. The traders haven’t really materialized despite the platform holding off any Coinbase fee for a limited time.

https://twitter.com/Coinbase_NFT/status/1542927710799835136

As per the external data from Dune Analytics, the Coinbase NFt saw about 9202 unique buyers and sellers on the platform since launched two months ago. There were 20,765 transactions at the time of writing which adds up to a volume of $2.9 million or 1468 ETH according to the data from Dune.
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If these numbers look high, they are not, by comparison, the leading NFT market OpenSea saw $15.6 million in total volume and the industry-leading platform has about 1.9 million registered users that made one transaction on the site at least.

Regardless, the coinbase NFT development seems to be continuing despite the broader bear market and the recent wave of layoffs which led some of them to vent online.
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The response to the new features was mixed and some expressed concerns about the company already selling the user’s data which Coinabse denied but others argued that the company failed with the NFT launch. The Coinbase representative said that the NFT is a Web3 social marketplace and that it should not be seen only in terms of on-chain metrics. Right now, Coinbase NFT is focused on creating its product first which is monetization:

“We do not focus solely on transaction numbers and volume. There are many other folks on the platform that are interacting and driving use of the social features. We’re early in beta and have many new features coming out regularly. Our focus is on the community using those features to make our marketplace feel more social.”

On the first-quarter earnings call, Coinbase CEO Brian Armstrong said that he was really pleased with the Coinbase NFT success so far and wanted to add support for more blockchains in the near future:

“We’re going to keep investing in it.”

How much is Coinbase investing in the NFT marketplace so far? According to President Emilie Choi, the answer is less than 10% of the total budget:

“We allocate roughly 10% of our budget to longer-term bets such as the NFT marketplace.”