Last Wednesday, Coinbase NFT stated that it will be “pausing” all further NFT drops, however, it made clear that it would not be shutting down entirely.
In order to focus on other features and tools that artists have requested, Coinbase NFT said they would be halting creator Drops on the marketplace, according to a tweet from them.
We recently shared that we are pausing creator Drops on the NFT marketplace to focus on other features and tools that creators have asked for.
— Coinbase NFT (@Coinbase_NFT) February 1, 2023
To be clear: We are not shutting down the Coinbase NFT marketplace.
The Coinbase NFT marketplace is a platform where users may buy, sell, and trade non-fungible tokens, which are original, one-of-a-kind digital assets (NFTs).
NFTs are distinct from conventional cryptocurrencies in that they cannot be divided or swapped for equivalent value.
Blockchain technology, which facilitates the generation and transfer of NFTs in a secure and transparent manner – powers the Coinbase NFT marketplace.
An exclusive digital certificate of ownership that is recorded on the blockchain is given to the person who purchases an NFT on the Coinbase marketplace. Then, just like any other asset, this certificate of ownership may be purchased, sold, or traded.
Rest assured, our mission for Coinbase NFT hasn’t changed and we remain optimistic about our future as we continue building. We’re excited to find more opportunities to work with with creators in the future.
— Coinbase NFT (@Coinbase_NFT) February 1, 2023
It’s unclear why it was necessary to halt launches with creators in order to concentrate on other features.
However, given that Coinbase, like many other crypto companies, has faced layoffs over the past year, it might be related to a staffing shortage.
Coinbase only recently revealed that it would be letting go of another 950 employees.
In an effort to draw in more customers, the business has continued to roll out new services for its marketplace since Coinbase NFT launched in the spring of 2022.
A bulk manage tool, rarity filters, and time-delayed listings are some of these capabilities.
But based on a Dune Analytics dashboard, their initiatives haven’t been very successful. I n the last week itself, only $106 worth of volume has been exchanged on the market.
The total volume of transactions for Coinbase NFT since its debut last year has been around $7.34 million. And last week itself saw over $11.3 million worth of volume transacted in Ethereum NFTs on competitor marketplace OpenSea.
Surojit Chatterjee, the company’s Chief Product Officer, also left the organisation six months after Coinbase NFT’s underwhelming launch.
The ability to purchase, sell, and trade NFTs on a safe and convenient platform is one of the key advantages of the Coinbase NFT marketplace. Users may simply buy, sell, and trade these unique tokens using their Coinbase accounts, and the platform offers a user-friendly interface for learning about and experimenting with new NFTs.
Additionally, the company’s NFT marketplace makes use of blockchain technology which ensures that all transactions are safe, traceable, and free from fraud or misrepresentation.
Its connectivity with the larger Coinbase ecosystem is another important aspect of the digital marketplace. Users benefit from a seamless and integrated experience, making it simple to manage NFTs alongside other digital assets like cryptocurrencies.
To sum up, Coinbase provides a relatively secure and convenient environment for the acquisition, sale, and exchange of NFTs. And this digital land of commerce is a unique and exciting platform that is assisting in defining the future of digital assets and the broader blockchain industry.
