Coinbase NFT Market Shows Lackluster Performance: Report

The Coinbase NFT market shows lackluster performance and during the first week, the platform logged about 1000 transactions so let’s read more about it in today’s latest coinbase news.

Since its launching, the Coinbase NFT market recorded almost no sales or activity, and the first week was marked by the lackluster performance for the market which is in beta mode with only a few sellers and buyers. During the inaugural week, the platform logged a little over 900 transactions or $300,000 worth of traded crypto. In the immediate days after the launch of the NFT market, Coinbase’s stock crashed to a new low and indicated that the investors are not keen on the announcement of the new market which most critics pointed out that could have come too late. The company already failed to come in at an early time period such as OpenSea.

That was clear in the volume of trade which is different between the two and OpenSea traded a volume of $94.8 million while coinbase boasted about $100,000 in volume. OpenSea is still the bigger platform and hosted 1.6 million users while Coinbase still hasn’t reached 700 users. Most coinbase users haven’t performed a transaction while the OpenSea users all conducted at least one.

As recently reported, Web3 and blockchain infrastrcuture provider Coinbase Cloud just made a new partnership with the Acala Foundation on Polkadot by bringing KSM liquid staking on Karura. KSM is the native token of the Kusama network which is a pre-production environment for Polkadot. Unlike the traditional taking in PoS networks, Liquid staking allows for asset delegators to access their funds while staking their tokens, and this way, the validators can put their staked assets in other applications and unlock further value via Defi activities.

Also, Coinbase CEO Brian Armstrong addressed concerns that the traders have been taking advantage of the company’s listing process and wrote that the company will adopt a new policy feature in the upcoming months. Armstrong’s message was a reaction to the recent allegations that an ETH trader was able to gain access to the list of coins that Coinbase considered adding to the exchange before that list was made public in a company blog post. The trader was able to buy up $400,000 worth of the tokens which were on the coinbase shortlist and then increased in value by 42% over the next day.