The most hyped marketplace is finding it hard to gain momentum
The highly anticipated Coinbase NFT marketplace has had a dismal first month of trading, partly due to launching during a downturn and finding it hard to gain traction. The Coinbase NFT marketplace has processed just 5,446 transactions and a little over $1 million in sales since April 20. During the same timeframe, leading NFT marketplace OpenSea racked up over 4 million transactions and more than $4.6 billion in sales volume.
Launching an NFT marketplace by leading centralized exchange Coinbase was expected to put NFTs closer to some of the 98 million verified accounts and push adoption further. Especially as more than 2 million people signed up for the waiting list. However, as some point to an economic downturn and crashing crypto prices to explain the anti-climax, it’s essential to look at how other NFT marketplaces perform.
Don’t blame bitcoin
The data points to a situation where NFT trading…