The Cryptos News | Daily Bitcoin News
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading
The Cryptos News | Daily Bitcoin News
No Result
View All Result
Home Exchange

Coinbase NFT Releases New Features as It Struggles to Attract Traders – Decrypt

Coinbase NFT Releases New Features as It Struggles to Attract Traders – Decrypt
Share on FacebookShare on Twitter


Coinbase NFT is adding more new features for its relatively small userbase.

The cryptocurrency exchange’s NFT marketplace has rolled out a number of enhancements since its public beta launch at the beginning of May. Coinbase NFT has added an NFT “Bulk Manage” feature, a “Liked” tab, the ability to edit list prices, an insights page, and a notification hub.

It has also added rarity filters, time-delayed listings, a “Following” feed, and the ability for users to connect up to 10 crypto wallets to a single Coinbase NFT account, among other things. 

But traders haven’t substantially materialized—despite the platform still holding off any Coinbase fees “for a limited time.”

According to external data from Dune Analytics, Coinbase NFT has seen about 8,202 unique buyers and sellers on its platform since it launched two months ago. There have been 20,765 transactions at time of writing, which adds up to a total volume traded of roughly $2.9 million, or 1,468 ETH, per Dune figures.

If those numbers seem high, they aren’t by comparison. Leading NFT marketplace OpenSea saw $15.6 million in total volume traded on Thursday alone. And the industry-leading platform has roughly 1.9 million registered users who have made at least one transaction on the site.

Regardless, Coinbase NFT’s development appears to be continuing, despite the broader crypto bear market and Coinbase’s recent wave of layoffs and rescinded job offers—which led some scorned would-be employees to vent online.

The response to Coinbase’s new features thread on Twitter was mixed, with some expressing concerns about the company allegedly selling user data, which Coinbase has denied, while others argued the company “failed” with its NFT marketplace launch.

But a Coinbase representative told Decrypt that Coinbase NFT is a “Web3 social marketplace” and that it shouldn’t be viewed in terms of on-chain metrics alone.

Right now, Coinbase NFT is focused on building out its product first—monetization, according to the company, will come after.

“We do not focus solely on transaction numbers and volume,” a Coinbase spokesperson told Decrypt via email. The company did not respond to subsequent requests for user counts or engagement statistics.

“There are many other folks on the platform that are interacting and driving use of the social features,” the spokesperson said. “We’re early in beta and have many new features coming out regularly. Our focus is on the community using those features to make our marketplace feel more social.”

On its first quarter earnings call in May, Coinbase CEO Brian Armstrong said he was actually “really pleased” with Coinbase NFT’s success thus far and wanted to add support for more blockchains in the future.

“We’re going to keep investing in it,” Armstrong said.

But how much is Coinbase investing in its NFT marketplace? According to President Emilie Choi, the answer is less than 10% of the company’s total budget.

“We allocate roughly 10% of our budget to longer-term bets such as the NFT marketplace,” Choi said on the earnings call.

Want to be a crypto expert? Get the best of Decrypt straight to your inbox.

Get the biggest crypto news stories + weekly roundups and more!





Read More:Coinbase NFT Releases New Features as It Struggles to Attract Traders – Decrypt

Tags: AttractCoinbaseDecryptFeaturesNFTReleasesstrugglesTraders
Previous Post

Cryptocurrency mining proposed for a remote patch of the Kimberley targeted for fracking

Next Post

“I will fire anyone who puts me in the $865 billion crypto-space!”: $50 million worth

Related Posts

How to Trade Forex Completely Anonymously

How to Trade Forex Completely Anonymously

by The Cryptos News
July 30, 2022
0

High-profile investors used to save anonymous trading for special occasions. But now that cryptocurrencies are more widely used in...

Russia Has Received Over $2 Million in Cryptocurrency Donations, Chainalysis Says

Russia Has Received Over $2 Million in Cryptocurrency Donations, Chainalysis Says

by The Cryptos News
July 30, 2022
0

What’s sauce for the goose is sauce for the gander —the Russians told the Ukranians. On July 29, Chainalysis...

Crypto Compensation? Bitcoin Bonus? New York State Employers Must Weigh Requests Carefully

Crypto Compensation? Bitcoin Bonus? New York State Employers Must Weigh Requests Carefully

by The Cryptos News
July 30, 2022
0

If your staff member wants his or her paycheck in cryptocurrency, should you – as an employer keeping up...

New to The Street TV / Newsmax TV announces This Week’s TV Broadcast Line-up, Episode

New to The Street TV / Newsmax TV announces This Week’s TV Broadcast Line-up, Episode

by The Cryptos News
July 29, 2022
0

NEW YORK, July 29, 2022 (GLOBE NEWSWIRE) -- FMW Media’s New To The Street / Newsmax TV show announces...

Next Post
“I will fire anyone who puts me in the $865 billion crypto-space!”: $50 million worth

“I will fire anyone who puts me in the $865 billion crypto-space!”: $50 million worth

Subscribe
Login
Notify of
guest
guest
0 Comments
Inline Feedbacks
View all comments

Trending News

Payperless Crypto Wallet announced working on NFT tokens support

Payperless Crypto Wallet announced working on NFT tokens support

June 25, 2022
June’s Red-Hot Inflation Report Rattled Bitcoin and Ethereum Prices. What That Means for

June’s Red-Hot Inflation Report Rattled Bitcoin and Ethereum Prices. What That Means for

July 14, 2022
Ripple’s Counsel Urges US Lawmakers to Urgently Pass ‘Sensible’ Crypto Legislation Amid

Ripple’s Counsel Urges US Lawmakers to Urgently Pass ‘Sensible’ Crypto Legislation Amid

July 30, 2022
ADVERTISEMENT

Investment

Buying Bitcoin on the Dip? 3 Things the Smartest Investors Know About Crypto | The Motley

Buying Bitcoin on the Dip? 3 Things the Smartest Investors Know About Crypto | The Motley

July 30, 2022
Study up and become a more informed crypto investor with this bundle

Study up and become a more informed crypto investor with this bundle

July 30, 2022
Crypto Exchange KuCoin Launches NFT ETFs By Benzinga

Crypto Exchange KuCoin Launches NFT ETFs By Benzinga

July 30, 2022
Is It Right Time To Invest In Crypto Market? Crypto Expert Shares Bullish Indicator

Is It Right Time To Invest In Crypto Market? Crypto Expert Shares Bullish Indicator

July 29, 2022
$ETH-Based Investment Products Leading Bounce-Back in July, Says CryptoCompare Research

$ETH-Based Investment Products Leading Bounce-Back in July, Says CryptoCompare Research

July 29, 2022

Prices

Latest Report Shows Cryptojacking Increased By 30% During The Crypto Slump

Latest Report Shows Cryptojacking Increased By 30% During The Crypto Slump

July 30, 2022
Tron price prediction as Unifi Protocol TVL explodes

Tron price prediction as Unifi Protocol TVL explodes

July 30, 2022
Bitcoin and Ethereum Prices Are As High As They’ve Been Since June Crypto Crash, But

Bitcoin and Ethereum Prices Are As High As They’ve Been Since June Crypto Crash, But

July 30, 2022

Crypto Flipsider News – Crypto Market Rally; Nirvana (NIRV) Exploited; Vasil Delayed;

July 29, 2022

Trading

CoinFLEX: Amid liquidity crisis, the cryptocurrency exchange had this to say

CoinFLEX: Amid liquidity crisis, the cryptocurrency exchange had this to say

July 30, 2022
SEC Chairman Publishes Video Outlining Plan to Regulate Crypto Trading Platforms –

SEC Chairman Publishes Video Outlining Plan to Regulate Crypto Trading Platforms –

July 30, 2022
Analysis | Why the Crypto World Flinches When the SEC Calls Coins Securities

Analysis | Why the Crypto World Flinches When the SEC Calls Coins Securities

July 29, 2022
FTX wins full approval to operate crypto exchange in Dubai

FTX wins full approval to operate crypto exchange in Dubai

July 29, 2022
Crypto exchange Zipmex files for bankruptcy protection in Singapore

Crypto exchange Zipmex files for bankruptcy protection in Singapore

July 29, 2022
  • About Us
  • Contact Us
  • Terms of Use
  • Privacy Policy
  • DMCA

© 2021 Thecryptosnews.com

No Result
View All Result
  • Home
  • News
  • Market Cap
  • Top Cryptos
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Binance Coin (BNB)
    • Cardano (ADA)
    • Solana (SOL)
    • Tether (USDT)
    • XRP (XRP)
    • Polkadot (DOT)
    • Dogecoin (DOGE)
    • USD Coin (USDC)
  • Prices
  • Wallet
  • Crash
  • Investment
  • Exchange
  • Mining
  • Trading

© 2021 Thecryptosnews.com

wpDiscuz