Coinbase’s NFT marketplace fails to woo users in beta: Report

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As the non-fungible token (NFT) sales plummet, cryptocurrency exchange Coinbase that launched an NFT marketplace late last month for select users in beta has failed to attract good demand.

According to TechCrunch, the trading of digital collectibles has been sluggish on Coinbase NFT that promises a vast collection of NFTs on the Ethereum blockchain.

“Coinbase NFT volume has reached sales worth $668,668 across a small pool of 1,287 users, according to data on Dune Analytics,” the report said on Friday.

However, quoting a source close to Coinbase, the report said that Dune Analytics data doesn’t provide an overall number of how many people have signed up for the platform.

In the coming weeks and months, Coinbase plans to add more features that will gradually bring its vision for a web3 social marketplace to life.

Users can create a profile that represents them by curating it with the NFTs that tell their story. They can also connect any self-custody wallet to select the NFTs they want to highlight or hide on their profile.

OpenSea, the biggest NFT marketplace globally, had nearly $3.5 billion in NFT volume across roughly 350,000 users since April 20, according to the report.

Sales of non-fungible tokens (NFTs) have fallen a massive 92 per cent since September last year, shows data from popular website NonFungible.

The sale of NFTs fell to a daily average of about 19,000 this week, a 92 per cent decline from a peak of about 225,000 in September.

Many NFT owners now find their investments significantly less than when they bought those pieces of art.

The NFT market currently represents segments like collectibles, sports, entertainment and arts.

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