The launch of Coinbase’s NFT marketplace was not a great success. Indeed, the numbers are dismal and the market seems quite slow. Despite being one of the largest cryptocurrency exchange wallets, the NFT marketplace does not seem to have the same success against its competitors.
The figures of Coinbase NFT Marketplace compared to the competition
The figures of Coinbase’s NFT exchange platform show that it cannot yet compete with its competitors. Indeed, it has processed only 5,446 transactions, and about a million dollars in sales, since April 20. Over the same period, OpenSea has been more successful, with total NFT sales of more than $4.6 billion and more than 4 million transactions. LooksRare, meanwhile, processed an NFT sales volume of more than $2 billion. We can therefore see that Coinbase Marketplace NFT is still far from the account compared to its main competitors.
The reasons that slow down the NFT sales of this marketplace
First of all, Coinbase’s NFT exchange platform is a showcase for OpenSea pages, Rarible and Known Origin. Thus, customers who want to buy NFTs on these platforms can go through Coinbase. It therefore channels a lot of traffic to its competitors, which in particular harms its own market.
In addition, some platforms inflate their sales figures with replicated NFTs or counterfeits. Thus, they can have a better ranking on the market, without having a very high sales volume. Buyers will therefore be focused on this type of platform.
A market in full evolution
Despite the fact that Coinbase’s NFT marketplace is not really thriving right now, sales are starting to gain some momentum. In the last seven days, Coinbase has processed 2,465 sales out of the total 5,566 NFT transactions, which is a considerable figure. In addition, due to the decline in the price of ETH, buyers are starting to turn to first-rate NFTs.
With this in mind, it is to be expected that May will be a very active month for NFT buyers. This is therefore an opportunity for Coinbase Marketplace NFT to see how things will evolve and improve.
It is undeniable that the figures of the sales statistics of Coinbase NFTs are not the most encouraging. Indeed, they are still far from the account compared to its competitors, such as OpenSea. However, it is a market that can easily gain momentum. Let’s wait for the figures at the end of this May.
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