Since the launch of the Coinbase NFT platform in April, the average daily trading volume has not exceeded $37,000. This is about 2,000 times less than that of its main competitor, OpenSea.
Despite the fact that the cryptocurrency exchange Coinbase was launched five years before Binance and became a public company on Nasdaq, it is gradually losing its market share. Amid a shaky macro environment, the stock is trading at $51.71, nearly 84% below its own high.
The launch of the Coinbase NFT trading platform is considered unsuccessful. According to the supplier of analytical data
Dune Analytics reports that Coinbase NFT has traded just over $2.9 million since its launch on April 20. By comparison, OpenSea has traded over $5.9 billion over the same period. about $2.35 billion. Coinbase NFT trading volume over the past 24 hours was 6.1 ETH, or about $7,200.
The number of users registered on the platforms differs as follows: OpenSea – 730,787; LooksRare is 54,511, while Coinbase is only 8,685. Before the launch of Coinbase NFT, there were over four million users on the waiting list.
Despite the collapse of the cryptocurrency markets, the Coinbase exchange intends to develop its platform for trading non-fungible tokens and says it does not focus on the number and volume of transactions. To this end, to attract the attention of users, developers promise to launch new functionality on Coinbase NFT.
Source: Bits
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