Coinbase denies shutting NFT marketplace amid dwindling use

According to a Feb. 1 statement, Coinbase NFT denied rumors of closing the market, saying it was simply suspending creator drops on its platform.

Cryptocurrency exchange NFT Platform said it made the decision to “focus on other features and tools that creators have been asking for.”

Coinbase has not explained why it paused the drop to focus on tool development.Exchange has not yet responded of crypto slate Request for comments at press time.

Coinbase NFTs are rarely used

The exchange’s NFT platform has yet to see much success since its launch in 2022. Dune’s analysis shows that the platform’s volume in the last 24 hours was just $30, and in the last seven days he’s $1,783. dataThe platform’s cumulative trading volume is $7.34 million.

Coinbase NFT buyers and sellers peaked in June 2022 with 1,729 weekly users. Since then, weekly Marketplace users have dwindled to less than 500 by the end of September. In 2023, the platform consistently had less than 200 weekly users.

Coinbase NFT
Source: Dune Analytics

Meanwhile, rival markets such as Blur and OpenSea According to Dappradar, trading volumes in the last 24 hours were $13.92 million and $9.05 million respectively. data.

Coinbase Introduces New Tools

Meanwhile, despite the overwhelming performance of the market, crypto exchanges introduced New tools to improve user experience and security of wallet apps.

Led by Brian Armstrong, the exchange helps users protect their digital assets by allowing them to preview interactions with smart contracts before approving transactions. The wallet also introduces new measures such as token approval alerts, Dapp blocklists and spam token management.

According to the exchange, these tools will give users greater clarity, better guardrails, and more control over their assets.

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