Coinbase NFT has revealed that it is pausing creator drops to focus on integrating features that creators have been asking for more. It may sound silly, but platforms are looking for key factors that will help the market become more acceptable to users. However, despite the suspension, it claims the market is not closed.
We recently announced that we are pausing creator drops on the NFT Marketplace to focus on other features and tools that creators have been asking for.
Just to clarify: We have no intention of shutting down the Coinbase NFT Marketplace.
— Coinbase NFT (@Coinbase_NFT) February 1, 2023
We are optimistic about the future as the platform’s mission remains unchanged and the team continues to build. Interestingly, the announcement has puzzled several individuals within the NFT space. Some wonder why a platform should pause drops just to add functionality. Why not do both at the same time?
Coinbase NFT Appears to be Short on Staff
One common belief is that teams are understaffed. Over the past year, Coinbase has embarked on a massive exodus of staff to cut costs. The areas that were most affected were those that performed poorly, such as Coinbase NFTs.
A spokesperson confirmed the speculation and said: “The Coinbase NFT team has realigned resources to focus on areas that will have the greatest impact on users.”
Among the key figures leaving was Chief Product Officer Surojit Chatterjee, who left Coinbase NFT six months after its launch. The platform hasn’t been as successful as they hoped, and has been able to raise around $7.7 million in total trading volume to date. By contrast, on his leading NFT marketplace, OpenSea, total trading volume over the last 24 hours has surpassed his $11.3 million.
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*All investment/financial opinions expressed by NFT Plaza are based on the personal research and experience of the site moderators and are intended for educational material only. , the product should be thoroughly investigated.
Basil is an avid fan of blockchain technology and all its innovations, and is passionate about sharing this story with his audience. He has spent over five years in the crypto space, specializing in research and creating his Web3 content for various media outlets around the world. His work has been published on top his websites such as NFT Plazas, usethebitcoin.com and the European Blockchain Convention. When not thinking about disruptive technology, Basil is busy exploring the outdoors.