© Reuters. Coinbase NFT Says It’s ‘Pausing Drops’ Amid Rumors Of Imminent Shutdown
- The artist on Twitter said Coinbase (NASDAQ:) NFT will not be dropping her new NFT collection as the market is scheduled to close in February.
- Rather than shutting down, Coinbase NFT responded by simply “pausing artist drops” and “focusing on other features and tools that creators have been asking for.”
- The market remains “optimistic about the future as it continues to build.”
- Coinbase has seen a drop in trading volume on its market. Its 7-day volume is just $1,660, while his 24-hour volume on OpenSea has him over $13 million.
Coinbase, the world’s second largest centralized cryptocurrency exchange, has addressed rumors of an imminent shutdown of its NFT marketplace.
Coinbase NFT said on Twitter that rather than shutting down the NFT marketplace, it is “pausing artist drops” to “focus on other features and tools that creators have been asking for.”
“Rest assured, our mission for Coinbase NFTs has not changed and we are optimistic about the future as we continue to build. We look forward to more opportunities to work with creators in the future.” they said
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We recently announced that we were pausing creator drops on the NFT Marketplace to focus on other features and tools that creators have been asking for. To clarify: We have no intention of shutting down the Coinbase NFT Marketplace.
— Coinbase NFT (@Coinbase_NFT) February 1, 2023
Coinbase’s clarification comes after artist Jessica Yatrovsky announced on Twitter that her new NFT collection will not be released on the Coinbase NFT Marketplace as it plans to close sometime in February. rice field.
Coinbase NFTs continue to operate, but considering the marketplace volume is small compared to other NFT marketplaces, it wouldn’t be surprising if the marketplace shut down.
Coinbase NFT Sees Smaller Volumes
Coinbase NFT has struggled to gain traction since the marketplace launched almost a year ago. The market, in his 9 months of its existence he achieved a turnover of $7.3 million.
But recent figures are even lower. For example, his 7-day volume on Coinbase NFT is just $1,660 and his 24-hour volume is $109. For comparison, OpenSea, the largest NFT marketplace and one of his Coinbase rivals, surpassed his $13 million total trading volume on Ethereum yesterday alone.
Coinbase’s struggle to attract users is linked to the departure of the company’s chief product officer, Surojit Chatterjee. Chatterjee, who was hired by Google (NASDAQ:) to Coinbase with a huge $646 million reward package, left the company just six months after the launch of the NFT Marketplace.
Since Chatterjee’s exit, Coinbase NFT has seen little to no user numbers or interest.
on the flipside
- It is unclear why Coinbase NFT has to stop new projects to develop tools.
- Coinbase could see more market activity as NFT volumes appear to be slowly coming back.
- Coinbase NFT is still in beta.
why you should care
Coinbase NFTs were labeled as: But it still doesn’t live up to its hype. This shows how difficult it is to beat OpenSea, even with the resources Coinbase has.
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