- The marketplace launched in beta on April 20 and has since onboarded 737 users.
- Coinbase NFT’s total NFT trading volume stands at 107.36 ETH ($315,874).
- The best performing collection on the Coinbase NFT marketplace is Moonbirds.
Coinbase NFT, the non-fungible token (NFT) marketplace of leading cryptocurrency exchange Coinbase, launched in beta on April 20. However, the platform performed deplorably during its first week, despite its launch being one of the most anticipated NFT events this year. The poor performance was due to limited access, a result of launching in beta.
According to Dune Analytics’ data from Coinbase NFT’s backend partner, 0x, the platform’s performance in the first week was abysmal, with the highest daily volume being $73,359 on April 22. The volume then took a sharp dive to hit $3,570 on April 26.
However, it started making a recovery on Wednesday before surging yesterday to notch $100,000 for the first time since Coinbase NFT launched. To be precise, the trading volume hit $101,036.91.
So far, the marketplace has amassed 737 users, including 500 unique buyers and 302 sellers. Reportedly, most of these users appear to be U.S-based NFT influencers on Twitter that Coinbase has officially verified.
The total NFT transactions stand at 985, and the total transaction volume is 107.36 Ether (ETH), worth approximately $315,874. The top trending NFT collection on the marketplace is Moonbirds, which has outperformed leading projects like Bored Ape Yacht Collection (BAYC), Mutant Ape Yacht Club (BAYC), VeeFriends.
Stiff competition is in order
In its quest to control part of the NFT market, Coinbase NFT is bound to face stiff competition from already established marketplaces like OpenSea, which recorded a trading volume of $98.4 million yesterday. The NFT giant has over 1.6 million users that have made at least one transaction since joining.
However, the limitations of Coinbase NFT’s beta launch make a full assessment of the platform’s capabilities complex. At the moment, the beta is open to a handful of people. However, the platform’s waitlist has approximately 4 million people.
Assuming all these people eventually join Coinbase NFT, the platform would have the numbers to take on OpenSea, which has cemented its position as the largest NFT marketplace.
This news comes as the NFT industry continues making headlines, some highlighting the increasing need for regulation. An example is LooksRare, which surpassed OpenSea’s trading volume due to wash trading.
According to data from Dune Analytics, LooksRare has handled NFT transactions worth $24.7 billion since launch despite having only 70,853 users. In contrast, OpenSea has a total volume of $17.2 billion, even with its more than 1 million active users.
