So why isn’t a larger part of its exchange’s overall volume and user base flowing into its NFT marketplace?
Although Coinbase’s NFT platform is fairly new, for the second-largest crypto exchange globally, you’d expect better performance.
A source close to Coinbase, who spoke under the condition of anonymity, said that the Dune Analytics data doesn’t provide an overall number of how many people have signed up for the platform.
“There’s that one stat that says Coinbase NFT total users, and it has been misrepresented as the number of people on the platform,” the source said. “That’s not how many people have signed up — that’s how many people have made a transaction.”
In comparison, OpenSea, the largest NFT marketplace globally, had nearly $3.5 billion in NFT volume across roughly 350,000 users since April 20. OpenSea’s volume was over 500,000% higher than Coinbase NFTs during that time frame.
Coinbase NFT opened its marketplace to everyone on May 4. Since then, the number of users has fallen every day, hildobby’s data shows.
“The anticipation of where this should be right now has not matched expectations,” Nick O’Neill, CEO and co-founder of The Nifty, said to TechCrunch. “The product is overdeveloped; we see this happen all the time.”
