Coinbase denies shutting NFT marketplace amid dwindling use

Coinbase Denies Closing NFT Market Due to Declining Usage Coinbase Denies Closing NFT Market Due to Declining Usage
Coinbase Denies Closing NFT Market Due to Declining Usage

Cover/illustration via Cryptooshala

According to a Feb. 1 statement, Coinbase NFT has denied rumors that it is closing its marketplace, stating that it is only suspending creator releases on the platform.

The cryptocurrency exchange’s NFT platform said it made this decision to “focus on other features and tools that the creators have asked for.”

Coinbase did not explain why it paused the release in order to focus on tool development. The exchange has not yet responded to Cryptooshala request for comment at the time of publication.

Coinbase NFT is little used

The exchange’s NFT platform hasn’t seen much success yet since its launch in 2022. According to Dune analytics, the platform volume was only $30 in the previous 24 hours and $1,783 in the last seven days. data. The total volume of the platform is 7.34 million dollars.

The peak of buyers and sellers of Coinbase NFT was in June 2022, when there were 1729 weekly users. Since then, by the end of September, the number of weekly users of the marketplace had fallen to less than 500 people. In 2023, the platform was consistently visited by less than 200 users per week.

Coinbase NFT
Source: Dune Analytics.

Meanwhile, competing marketplaces such as Blur and OpenSea According to Dappradar, trading volume in the last 24 hours was $13.92 million and $9.05 million, respectively. data.

Coinbase Introduces New Tools

Meanwhile, despite the disappointing performance of its market, the crypto exchange introduced new tools to help improve the user experience and increase the security of the Wallet app.

The exchange, led by Brian Armstrong, will allow its users to protect their digital assets by giving them the ability to preview smart contract interactions before a transaction is approved. The wallet also introduces new measures such as token approval alerts, dapp blacklisting, and spam token management.

According to the exchange, these tools will give users more clarity, better protection, and more control over their assets.

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