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Coinbase suspends creator NFT drops

by Patricia

Coinbase’s marketplace for non-fungible tokens (NFTs) continues to flounder. It has just suspended NFT drops from creators… But insists that Coinbase NFTs will continue to exist. An update on what’s happening on the exchange

NFTs dops temporarily halted on Coinbase

Coinbase’s division was launched last May, just as all the major exchanges were getting a dedicated marketplace for non-fungible tokens. But it seemed to be struggling to attract enough users. So much so that it had to scale back its ambitions? That seems to be the message from Coinbase, posted yesterday on the company’s Twitter account:

We recently shared the information that we are pausing creator drops on the NFTs marketplace, in order to focus on other features and tools that have been requested by creators. To be clear: we are not closing the Coinbase NFTs marketplace. “

Particularly disappointing results for Coinbase

This clarification message shows that Coinbase is, to say the least, entangled in a project that is performing less well than expected. As a reminder, the launch of the marketplace attracted very few users, and volumes have been very low since. According to data shared by Dune Analytics, Coinbase’s NFT transaction volume has only reached $1,783 in the last seven days… and $30 in the last 24 hours.

This is not only due to the global context, as the NFT market has had a few positive weeks since the beginning of the year. Coinbase seems to be in trouble when it comes to attracting users. But that doesn’t change the company’s ambitions, which have been reassuring:

Rest assured that our mission for Coinbase NFT has not changed, and that we remain optimistic about our future as we build it. We are excited to find new opportunities to work with creators in the future. “

Large-scale marketplaces are often distinguished by their ability to attract innovative drops: this new development therefore shows that Coinbase is deliberately cutting itself off from some of what is driving the NFT sector. The marketplace will therefore have to find new ways to attract a user base that is still largely non-existent.

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