Tumbleweeds blow through Coinbase NFT on its first day: Just $75K in volume
Coinbase, one of the largest crypto exchanges by volume, opened its beta non-fungible token (NFT) marketplace to the public on May 4 with on-chain data showing a maximum of 150 total transactions on the day and $75,000 in USD volume.
The transactions captured by Dune Analytics show the total amount which took place through the 0x Protocol, the infrastructure behind Coinbase’s marketplace. Whilst not all transactions are guaranteed to be from Coinbase, since 0x announced its support for NFTs in January it has yet to announce any other partners apart from Coinbase.
The number pales into insignificance compared to expectations arising from the marketplace's waitlist. More than 8.4 million email addresses signed up for the waitlist before it moved into beta testing on April 20 with only a select few able to create profiles to buy and sell NFTs. Analytics show just over 1,200 total users have transacted on the platform up until May 5, a mere 0.014% of the waitlist.
It's been 2 weeks. Raise your hand if you've made a purchase on @Coinbase_NFTAs a matter of fact, raise your hand if you've even logged in
Market volume figures in USD aren’t hitting the mark either, May 4 saw just over $74,700 in volume transacted on Coinbase’s new marketplace. While that might please critics who claim the NFT market is in sharp decline, by comparison the largest NFT market OpenSea recorded $1.18 billion in transaction volume on the same day.
Coinbase announced the waitlist for its NFT platform almost seven months ago in mid-October 2021 with some Twitter users noting that the launch took too long to open to a public who had other options like OpenSea and LooksRare listing popular collections.
Related: 5 NFT marketplaces that could topple OpenSea in
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