Coinbase NFT marketplace launched in late April for beta users and was not met with the initial hype it was given during its birthing stage. Last week, it was finally open to everyone, even though it is still in the beta stage. The results remained the same: low trading volume and a low number of users.
What do you need to access the marketplace?
The first few days of Coinbase NFT did not look promising at all. Perhaps the exchange will blow up later, or not.
In April, there was a lot of hype around Coinbase’s upcoming NFT marketplace. There were waitlists, analyses and even promises that it would beat most existing NFT marketplaces.
Practically every institution in the crypto and blockchain world is interested in NFTs. They are the rave of the moment. Crypto exchanges are not left out of the NFT rush. Just last June, Binance launched its NFT marketplace. Now, Coinbase has launched its NFT marketplace. However, things are not looking like they are going as planned.
Previously, you would need to be among the selected beta users to access the new marketplace. Now, you just need to have a Coinbase or Metamask wallet. There is no need for login credentials like a username, email, password or phone number.
Users without either wallets can also use Wallet Connect to connect any of the listed wallets to the marketplace. The NFT platform is even running a promo currently: 0% fees for a limited time, to attract more users. Users would still have to cover Ethereum gas fees and royalties themselves.
Did Coinbase NFT flop?
Coinbase’s latest launch was clearly not received by the NFT community. Many considered it a flop from the very beginning, as it failed to generate significant visits and sales.
Coinbase says it is ‘building a social marketplace powered by web3,’ something that’s not very common today. Could this be the reason why it saw low patronage during its first days?
Sanchan Saxena, Coinbase’s Product, VP said the marketplace “Is about making sure that you can connect and engage with them on the platform. One other thing I mentioned, in the beginning, was that it’s a very social marketplace.”
Platforms with a social edge to them are most welcomed as the world is growing more connected through social media. Apart from having a custom made feed, Coinbase NFT users can also like and comment on posts, like many social media platforms.
Data from Dune Analytics shows that the site only has 1500+ users since its launch in April. This is a sharp contrast to the exchange’s users, which average about 89 million per month.
The waitlist for the marketplace had close to 3 million expectant users who were waiting to be the first to get on the platform. In almost a fortnight, only 0.05% of the crowd actually signed up for Coinbase’s NFT marketplace.
At this stage, it is highly unlikely that Coinbase can compete with top marketplaces like OpenSea or Magic Eden.
