Coinbase launches its NFT Marketplace after a lot of Anticipation

Coinbase’s NFT marketplace finally opened to the public after over seven months of anticipation and more than 8 million email addresses on the waiting list, but just 150 transactions were made on the first day.

Coinbase, one of the largest cryptocurrency exchanges, launched a public beta on Wednesday for a nonfungible token (NFT) market with a 150 transaction restriction and a $75,000 volume cap. Using the data collected by Dune Analytics, we can see how much money has been exchanged on Coinbase’s marketplace thanks to the 0x Protocol. In January, 0x announced that it would support NFTs, but it hasn’t announced any other partners apart from Coinbase.

According to the marketplace’s waiting list, this figure is insignificant. Over 8.4 million email addresses were on the queue before the beta testing began on April 20, with just a chosen few being allowed to establish accounts and purchase and sell NFTs. According to the platform’s analytics, just 0.014 percent of the queue has used it.

Coinbase Marketplace didn’t live up to Expectations

Coinbase’s new marketplace saw little over $74,700 in volume traded on Thursday, much below the market average for dollar-denominated market traffic. On the same day, OpenSea reported $1.18 billion in transactions, despite detractors who believe the NFT industry is steeply falling, according to data from CoinMarketCap.

As early as October 2021, Coinbase started a waitlist for its NFT platform, which some Twitter users argued was too long to open to the public with other options like OpenSea and LooksRare to choose from. Some users claim that the present version of the coinbase marketplace does not distinguish itself from its rivals since it requires a self-contained wallet and charges for gas.

However, Coinbase’s recent announcement of a collaboration with Mastercard suggests that the company has future plans to address this by allowing customers to pay for NFTs using their credit cards.

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