Coinbase NFT Marketplace Records $100K in Daily Sales
Coinbase NFT Marketplace had been long-awaited, but now that it's actually live (in beta), only a small number of people may use it, resulting in few sales in the first week.
Coinbase NFT Marketplace, which went live on April 20, has seen a little more than 900 complete transactions, totaling about 104.5 Ethereum in volume traded, or $300,000. On Thursday alone, approximately $100,000 in volume was traded on Coinbase NFT, accounting for around a third of that total volume.
According to data from Coinbase NFT's backend partner, 0x Project, there are currently just 681 total users on the site, with 282 unique sellers and 464 unique buyers, according to Dune Analytics. Every day since its introduction, the site has added about 100 new accounts.
Moonbirds has surpassed the Bored Ape Yacht Club, the Mutant Apes, and Gary Vaynerchuk's VeeFriends Series 2 as the most popular "trending collection" on Coinbase NFT.
The majority of the users appear to be well-known NFT Twitter influencers and project developers based in the United States who have been "verified" by Coinbase.
In comparison, OpenSea recorded almost $94.8 million worth of volume transacted on Thursday; the platform has over 1.6 million members who have completed at least one transaction since joining.
While the contrast is striking, Coinbase's NFT marketplace is now in closed beta, which means that even if you wanted to, you couldn't sign up and start increasing trading volume. On the platform's waitlist, there are around 4 million people.
To create an account on the site, all users presently need an invite code, however anyone can browse the site without one—you just won't be able to purchase or sell anything.
The debut of the NFT marketplace, on the other hand, hasn't exactly piqued the interest of Coinbase investors. Last week, only days after the beta launch of Coinbase NFT, its shares hit an all-time low.