Has Coinbase NFT flopped?

source

When coinbase first launched their NFT marketplace, people were anxious to get in to trade and see how the marketplace works but they said it was in the beta phase and only selected users would be able to access and trade on the marketplace which was a little disappointing because people have been anticipating it for months. However, the marketplace has now been opened to the general public for use and of course, you would expect mass traffic to storm into the marketplace for exploring and trading but it’s the other way round.

According to reports, the sign-ups of the coinbase NFT marketplace has been really low and disappointing which is unexpected because of its name or popularity people expected it to have had massive sign up by now but surprisingly only 150 people have signed up for the marketplace out of 1200 plus users that the coinbase has. The questions are, did the hype die down because of its first condition? Are people not interested in the NFT marketplace? Did they hear about how unsatisfying it is from those that have signed up? Well, we don’t know yet.

Now in comparing coinbase to other NFT marketplace to see whether it really flopped or not we should check out this analysis; when it has announced that coinbase will launch an NFT marketplace, there were over 4 million people on the waitlist and when launched it was limited to some people, now that it is opened to the public only 1,677 transactions have taken place since the launched reaching a trading volume of $600,000 but if you comparing data with that of OpenSea since the time of launch, OpenSea have had above 56,000 transactions and a trading volume above $100 million. So did it flop or not?

what’s the solution to this? Should there be concerns?
It’s no news that so many exchange platforms are releasing their own NFT marketplace and there are bound to be challenges or competitions but seeing that coinbase one of the largest crypto exchange platform is having a hard time with its own NFT marketplace what would be of the marketplace and the platform, will they be able to bounce back?

The coinbase developers are trying a new solution by adding new features to the marketplace and if they do add them with no or lower fees what will become of other NFT marketplace,s especially OpenSea. Some of the features they are trying to add are up voting or down voting an art, comment section, follow button and even a message feature etc. will this be the saviour of the coinbase NFT marketplace?

Posted Using LeoFinance ^Beta