NFT News: Coinbase NFT Marketplace Now Public Makes 150 Sales First Day

NFT News – Coinbase, the U.S.’s largest cryptocurrency exchange has just entered the NFT market

iexclusivenews reports that Coinbase launched its NFT marketplace to the public on Wednesday, allowing anyone to sign up on the new platform.

This online news outlet understands that during the buildup to Coinbase’s NFT marketplace’s beta launch. 4 million people registered for the product’s waitlist/whitelist.

Coinbase recognizes that attracting users from current NFT marketplaces like as OpenSea, LooksRare, Magic Eden, Binance, and others would be difficult.

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Therefore the firm is devoting a significant portion of its efforts to serving as a portal for NFT newcomers to learn about the field.

Coinbase has demonstrated an enthusiastic commitment to community participation. And management with its recent efforts toward its NFT marketplace project.

What You Need To Know 

iexclusivenews reports that given that other crypto exchange platforms. Such as Binance and FTX, have had functional NFT marketplace products for some time. Coinbase entering the market later than its competitors may not be the best situation.

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Day 1 Transactions Did Not Go Well. 

Only 110 transactions had been completed when Bloomberg checked things out at 5:15 pm yesterday.

There were only 40 more at the end of the day, according to crypto tracking firm Dune Analytics.

The total sales were less than $75,000. At the end of the day, the platform had 1,120 users.

Day 2 Doesn’t Look Like An Improvement.

On Thursday at 5:15 p.m. ET, there had been approximately 107 transactions totaling around $119,500. The current user count of 1,215 indicates slow progress.

According to Bloomberg, the most popular NFT marketplace, OpenSea, reported $124 million in transactions on May 3. In contrast to Coinbase’s platform.

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The NFT platform is now open to the public, but Coinbase claims it is still under beta testing.

However, 972 users from the platform’s private testing phase were grandfathered in when it went public.

iexclusivenews Nigeria reports that the current status of the NFT market does not suggest that things will improve any time soon.

NFT sales have dropped 92 percent from their high last year to an average of 19,000 transactions per week.

According to a recent Wall Street Journal study. Active wallets also declined by 88 percent to roughly 14,00.

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Coinbase first disclosed its NFT marketplace ambitions in October, but it was already late to the race.

What Coinbase Need To Do 

The Coinbase NFT platform was made available to a waitlist of users in April, just before the public launch on Wednesday.

According to analysts, Coinbase will need to invest $300 million in its NFT marketplace this year.

And the current state of the NFT market suggests that things aren’t going to get any better any time soon.

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According to a recent Wall Street Journal analysis. NFT sales have plunged 92 percent from their peak last year, to an average of 19,000 transactions every week.

The number of active wallets fell by 88 percent to around 14,00.

Coinbase has a long way to go before it can compete with OpenSea.

The NFT marketplace, on the other hand, clearly has a long way to go before it makes sense for Coinbase.

Meanwhile, iexclusivenews reports that breaking into the NFT space will be a tough task for the Coinbase NFT marketplace team. But if they succeed, the entire NFT field will be shaken up.