Coinbase NFT, the non-fungible token (NFT) marketplace from leading crypto exchange Coinbase, launched in beta on April 20th. However, the platform performed woefully in its first week, despite its launch being one of the most anticipated events in the industry this year. However, the poor performance was due to the fact that the launch was in beta and there were massive restrictions on user access.
According to Dune Analytics data on backend partner 0x, the platform’s performance was abysmal in the first week, with the highest daily volume on April 22nd, being $73,359. After that, volume declined, even more, reaching $3,570 on April 26th.
However, it recovered on Wednesday, April 25th, before surpassing US$100,000 on Thursday, April 26th, for the first time since the launch of Coinbase NFT. To be exact, the trading volume reached US$101,036.91.
So far, the marketplace has 737 users, including 500 individual buyers and 302 sellers. According to reports, most of these users appear to be U.S.-based NFT influencers on Twitter who have been officially verified by Coinbase.
The total number of NFT transactions is 985, and the total transaction volume is 107.36 Ether (ETH), which is worth about $315,874. The leading NFT collection on the marketplace is Moonbirds, which has overtaken leading projects such as Bored Ape Yacht Collection (BAYC), Mutant Ape Yacht Club (BAYC), and VeeFriends.
Find more about Coinbase’s NFT marketplace and read the latest business news in the world with the Born2Invest mobile app.
Fierce competition on the NFT marketplace
In its quest to control a portion of the NFT market, Coinbase faces stiff competition from already established marketplaces such as OpenSea, which yesterday reported $98.4 million in trading volume. The leading NFT platform has over 1.6 million users who have made at least one transaction since joining.
However, the limitations of Coinbase’s NFT beta launch still make it difficult to fully evaluate the platform’s capabilities. At the moment, the beta version is only available to a handful of people. However, there are about 4 million people on the platform’s waiting list.
If all these people join Coinbase NFT, the platform would have the necessary user base to overtake OpenSea, which has solidified its position as the largest NFT marketplace.
This news comes at a time when the NFT industry continues to make headlines, some of which highlight the increasing need for regulation. One example is LooksRare, which surpassed OpenSea’s trading volume due to wash trading.
LooksRare has handled $24.7 billion worth of NFT transactions since inception, despite having only 70,853 users on the platform. In contrast, OpenSea has $17.2 billion in total volume despite having more than 1 million active users.
DISCLAIMER: This article was written by a third party contributor and does not reflect the opinion of Born2Invest, its management, staff or its associates. Please review our disclaimer for more information.
This article may include forward-looking statements. These forward-looking statements generally are identified by the words “believe,” “project,” “estimate,” “become,” “plan,” “will,” and similar expressions. These forward-looking statements involve known and unknown risks as well as uncertainties, including those discussed in the following cautionary statements and elsewhere in this article and on this site. Although the Company may believe that its expectations are based on reasonable assumptions, the actual results that the Company may achieve may differ materially from any forward-looking statements, which reflect the opinions of the management of the Company only as of the date hereof. Additionally, please make sure to read these important disclosures.
First published in CRYPTO MONDAY, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
Although we made reasonable efforts to provide accurate translations, some parts may be incorrect. Born2Invest assumes no responsibility for errors, omissions or ambiguities in the translations provided on this website. Any person or entity relying on translated content does so at their own risk. Born2Invest is not responsible for losses caused by such reliance on the accuracy or reliability of translated information. If you wish to report an error or inaccuracy in the translation, we encourage you to contact us.
Spain Scores Better than its European Neighbors in ESG
Despite being a universe of rising assets, the war in Ukraine and the withdrawal of stimulus by central banks has...
Tourism Revenues in Morocco Started to Increase
Tourism revenues amounted to $960,000 (9.7 MMDH) at the end of March 2022 after the context of tourism recovery. Prior...
Tenuta Liliana Vineyard Opens Up to Popular Shareholding on CrowdFundMe
The newly built winery of Tenuta Liliana was created inside a former tuff quarry, reclaimed and completely regenerated, and houses...
Avalanche Price Forecast: AVAX Forms a Dangerous Pattern
In the four-hour chart, the AVAX price has been moving in a tight range over the past few days. A...
First Closing of €95M for Bio, Indaco’s New Fund Dedicated to Biotech and Pharma
Indac's new fund, Indaco Bio is focused on Italy, but will not lack significant room for investments abroad, particularly in...
Cannabis2 weeks ago
Why the Cannabis Market Has Growing Investment Prospects
Featured2 weeks ago
Understanding the Fed’s Rate Hike: the Long Term Goal of 2.0% Inflation
Business2 weeks ago
These Are the Top 5 Lithium Stocks to Own Right Now
Crypto2 weeks ago
Kraken Opens a Waiting List for the Upcoming NFT Marketplace