Fewer than 150 Users Have Registered for Coinbase NFT

Written by C, Fiona

Last updated: 2022-05-09

Why Trust BTCC

BTCC, a seasoned player in the cryptocurrency sector, has established a solid foundation of credibility through its over a decade of platform operation and profound industry experience. The platform boasts an experienced team of professional analysts who leverage their keen market insights and profound understanding of blockchain technology to offer precise market analyses and investment strategies to users. Furthermore, BTCC adheres to rigorous editorial standards, ensuring that every report and analysis is fact-based, striving for objectivity and fairness, thus providing investors with authoritative insights they can rely on. In the rapidly evolving cryptocurrency market, BTCC stands out as an indispensable partner for numerous investors and enthusiasts due to its stability, professionalism, and forward-thinking approach.

Coinbase NFT has opened up to the public — but on-chain data suggests that signups are a bit low.

Fewer than 150 people signed up for the new marketplace on Wednesday, according to Dune Analytics.

Overall, the platform has just 1,276 users — rather tepid numbers considering this is one of the world’s largest crypto exchanges.

Earlier this week, Coinbase had announced that the beta version of its NFT marketplace was now available for everyone.

Until that point, only a small number of people on the waitlist had been allowed to join.

Estimates have previously suggested more than four million people had joined the waitlist.

In total, 1,677 transactions have taken place since Coinbase NFT launched — with trading volumes of $612,000.

By comparison, data suggests there have been 56,000 transactions on OpenSea during the past 24 hours alone, with trading volumes nearing $105 million.

There Seems No Need to Worry

It’s unlikely that Coinbase will be suffering sleepless nights because of these low user numbers… for now, anyway.

The company is still working on adding new features to Coinbase NFT — and a soft launch means developers can iron out any kinks without affecting too many people.

It comes amid (conflicting) reports over the health of the NFT market. While DappRadar painted a pretty rosy picture about the state of the industry in its April report, the Wall Street Journal recently ran a report that suggested sales are flatlining.

Nonetheless, the NFT industry is set to undergo an upheaval as a number of exchanges launch their own marketplaces — Coinbase and Kraken among them.

This could eat into the market share of giants such as OpenSea, especially if they offer compelling features or lower fees.

Coinbase has said that it will be offering zero fees for a limited time only. Users will also be able to create their own profile and illustrate it with the crypto art “that tells their story.”

In a nod to social networking, users can also follow other profiles and post comments, as well as support or disagree with other people’s conversations.

Back in January, Coinbase and MasterCard also formed a partnership to ensure that NFT could be easily purchased using credit and debit cards.