Coinbase NFT launches new features as it struggles to attract traders

Coinbase NFT adds several new features to its relatively small user base.

The cryptocurrency exchange NFT Marketplace has rolled out a number of improvements since the public beta launch in early May. Coinbase NFT has added an NFT “Bulk Manage” feature, an “Like” tab, the ability to edit list prices, an insight page and a notification hub.

It has also added rarity filters, time-delayed entries, a “Follow” feed and the ability for users to link up to 10 cryptocurrencies to a single Coinbase NFT account, among others.

But traders have not materialized significantly – despite the fact that the platform still withholds any Coinbase fees “for a limited time”.

According to external data from Dune AnalyticsCoinbase NFT has seen around 8,202 unique buyers and sellers on its platform since its launch two months ago. There have been 20,765 transactions at the time of writing, corresponding to a total turnover of approximately $ 2.9 million, or 1,468 ETH, per Dune.

If these numbers seem high, they are not for comparison. Leading NFT marketplace OpenSea saw $ 15.6 million total turnover volume only on Thursday. And the industry-leading platform has approximately 1.9 million registered users who have made at least one transaction on the site.

In any case, it appears that Coinbase NFT’s development is continuing, despite the broader crypto bear market and Coinbase’s recent wave of layoffs and revoked job offers–which led to some despising future employees air online.

The response to Coinbase’s new feature thread on Twitter was mixed, with some allegedly expressing concern for the company sell user dataas Coinbase has refusedwhile others claimed the company “failed”With its NFT marketplace launch.

But a Coinbase representative told Decrypt that Coinbase NFT is a “Web3 social marketplace “and that it should not be looked at just in terms of chain calculations.

Right now, Coinbase NFT is focused on developing the product first – revenue generation, according to the company, will come afterwards.

“We do not focus solely on transaction numbers and volumes,” said a Coinbase spokesman Decrypt by e-mail. The company did not respond to subsequent requests for user counts or engagement statistics.

“There are many other people on the platform who interact and use the social features,” the spokesman said. “We are early in the beta and have many new features coming out regularly. Our focus is on the community using these features to make our marketplace feel more social.”

In its first quarter earnings call In May, Coinbase CEO Brian Armstrong said he was “very pleased” with Coinbase NFT’s success so far and wanted to add support for more blockchains in the future.

“We’ll continue to invest in it,” Armstrong said.

But how much does Coinbase invest in its NFT marketplace? According to President Emilie Choi, the answer is less than 10% of the company’s total budget.

“We allocate about 10% of our budget to long-term games such as the NFT marketplace,” Choi said at the earnings interview.

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