Opinion
May 05, 2022

Nobody is using Coinbase’s NFT market

Nobody is using Coinbase's NFT market

According to analytics firm Dune, Coinbase’s new NFT marketplace is a dud. Recently opened to public beta, Dune found that the market recorded 150 transactions on May 4 and about 71 transactions today, for a grand total of 1,576 transactions during the site’s lifetime.

These numbers pale in comparison to the numbers coming out of OpenSea where $124 million changed hands on May 3.

One issue trader Mark Hopkins sees is Coinbase’s invasive KYC.

“KYC is becoming onerous on most of the platforms that are attempting regulatory compliance, and given the prevalence of hacks on these platforms, I just don’t trust Coinbase with my info. There are plenty of easier-to-use alternatives,” he said.

Coinbase’s NFT solution was meant to streamline the NFT-buying process for a more buttoned-up audience. Coinbase is publicly traded and the move to NFTs was a calculated bid to expand into a market where a number of incumbents are already successful. Some experts, however, are bullish on the market.

“Coinbase has just stepped into NFTS without using shortcuts and by truly embracing Web3 principles,” said Ouriel Ohayon, CEO of ZenGo. “While the start is slow there is no doubt they will play a major role in the space. They need first to have a more robust supply and better community moderation to truly succeed here.”

Ohayon also said that the majority of NFT volume is in BAYC and Moonbirds, which are only available on Opensea. As more and more popular NFTs hit more markets, he believe Coinbase’s system will grow in popularity.

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Disclaimer

In line with the Trust Project guidelines, please note that the information provided on this page is not intended to be and should not be interpreted as legal, tax, investment, financial, or any other form of advice. It is important to only invest what you can afford to lose and to seek independent financial advice if you have any doubts. For further information, we suggest referring to the terms and conditions as well as the help and support pages provided by the issuer or advertiser. MetaversePost is committed to accurate, unbiased reporting, but market conditions are subject to change without notice.

About The Author

John Biggs is an entrepreneur, consultant, writer, and maker. He spent fifteen years as an editor for Gizmodo, CrunchGear, and TechCrunch and has a deep background in hardware startups, 3D printing, and blockchain. His work has appeared in Men’s Health, Wired, and the New York Times.He has written eight books including the best book on blogging, Bloggers Boot Camp, and a book about the most expensive timepiece ever made, Marie Antoinette’s Watch. He lives in Brooklyn, New York.

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John Biggs
John Biggs

John Biggs is an entrepreneur, consultant, writer, and maker. He spent fifteen years as an editor for Gizmodo, CrunchGear, and TechCrunch and has a deep background in hardware startups, 3D printing, and blockchain. His work has appeared in Men’s Health, Wired, and the New York Times.He has written eight books including the best book on blogging, Bloggers Boot Camp, and a book about the most expensive timepiece ever made, Marie Antoinette’s Watch. He lives in Brooklyn, New York.

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