Since launching Coinbase’s NFT marketplace on April 20, the company has recorded remarkably little activity or sales. The first week was marked by a lackluster performance for the marketplace, which is still in closed beta mode, with few registrations, sellers, or buyers hawking or buying non-fungible tokens (NFTs).
During the inaugural week, the platform only logged slightly more than 900 transactions or $300,000 worth of traded crypto (equivalent to around 104.5 Ethereum).
In the immediate days after launching the NFT marketplace, Coinbase’s stock crashed to an all-time low, indicating that investors were not keen on the announcement of the new marketplace, which many critics pointed out might have come too late. The company had already failed to come in at an early time period, like rival NFT marketplace OpenSea.
That was also clear in the volume of trade, which showed markedly different results. On Thursday, OpenSea traded a volume of $94.8 million, while Coinbase only showed approximately $100,000 in volume.
OpenSea is also still the bigger platform, hosting over 1.6 million users, whereas Coinbase still has not reached 700 users.
And most Coinbase users still haven't performed a transaction, whereas users on OpenSea have nearly all conducted at least one.