Coinbase NFT: low crypto trading volume
During the last 7 days, Coinbase NFT has recorded crypto trading volumes of less than 5 Ethereum. However, a drop in sales does not discourage the company behind the marketplace, which still considers it a viable project.
Coinbase not discouraged by drop in crypto volumes in NFT marketplace
According to data from Dune Analytics, Coin base allegedly registered NFT trading volume of less than 5 Ethereum (equivalent to approximately $7,700) over the past seven days.
This is a huge drop in sales of non-fungable tokens. In fact, while there have only been 47 sales on Coinbase NFT in the last 7 days, last June, the marketplace had recorded records of more than 1,000 NFT sales in just 24 hours.
In this regard, Coinbase President and COO Emily Choi reportedly stated that the company continues to view Coinbase NFT as a viable project. Here are her words in response to questions on the subject from shareholders:
– We still see opportunities in the medium and long term here. We’ve got a very lean team on it now, but we’re not throwing in the towel by any means.”
Coinbase NFT and its new targets compared to other marketplaces
Choi’s speech relates to what had already been announced in advance by the platform regarding Coinbase NFT’s goals.
Rest assured that our mission for Coinbase NFT has not changed and we remain optimistic about our future as we continue to build. We are excited to find more opportunities to work with creators in the future.
— Coinbase NFT (@Coinbase_NFT) 1 February 2023
Basically, Coinbase’s Non-Fungible Token platform, instead of competing with current leaders OpenSea and Blur in NFT sales, prefers to redefine its mission and focus on catering to creators.
In fact, it seems that the suspension of the creator falls on the market in early February would serve to let the platform focus on features and tools requested by NFT creators themselves.
Some people seem to like this mission, to the point of preferring Coinbase NFT over OpenSea
In response to the news that @open sea no longer enforce royalties for creators, we have blocked their marketplace and anyone else who engages in this practice. @Coinbase_NFT will be our preferred marketplace for buying and selling @DeathbatsClub . 👇
— M. Shadows (@shadows_eth) 20 February 2023
NFT sales in the last seven days with OpenSea and Blur
As we continue to look at the charts from Dune Analytics, dominating the NFT market scene in sales are OpenSea and Blur.
In the past week, Blur actually recorded NFT trading volumes worth almost 76.5 ETH (equivalent to about $127,000). The number of sales was actually only 52.
OpenSea, on the other hand, recorded 304 sales in the past week with an NFT trading volume of almost 80 ETH (equivalent to over $133,000).
This great competition between the two platforms has recently led Open sea to wish to carry out 0% fees to win over the user base lost to Blur.
Unlike Coinbase, which wants to target creators, both OpenSea and Blur are instead targeting users who are eager to get higher returns from their NFT investments.
That’s why OpenSea has reportedly reduced its fee of 2.5%.
