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.
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