• Coinbase’s NFT marketplace has seen underwhelming sales volume since its launch in May 2022.
• The platform has recorded 50,421 NFT sales transactions since launch, with a total sales volume of $7.27 million.
• In comparison, Uniswap’s NFT marketplace aggregator recorded a sales volume of $4.49 million in just three months of operation.
Coinbase, a leading centralized cryptocurrency exchange, launched its NFT marketplace in May 2022 with plans to introduce this new offering to its pre-existing user base. Prior to the launch, the marketplace garnered significant attention, with over two million people signing up for the waiting list. Despite the initial excitement, the NFT marketplace has yet to live up to expectations, primarily due to the severe economic downturn in the last year and the consequential decline in the cryptocurrency market.
According to Dune Analytics, since its launch eight months ago, Coinbase NFT marketplace has recorded 50,421 NFT sales transactions. The platform saw its daily NFT sales peak at 1021 on 6 June 2022, but it has seen a drastic decrease since. As of 10 January, the marketplace recorded only 11 NFT sales transactions. This translates to a total sales volume of $7.27 million, which is considered underwhelming compared to Uniswap’s NFT marketplace aggregator, which was launched recently. Uniswap’s NFT marketplace aggregator recorded a sales volume of $4.49 million in just three months of operation. Additionally, in the last 24 hours, sales volume on Coinbase NFT marketplace totaled $319.
The Ethereum-based NFT marketplace saw its highest daily sales volume at 2,110 on 2 June 2022. Since then, the daily NFT sales have been declining, with the lowest daily sales volume recorded at 11 on 10 January 2023. The dipping sales volume can be attributed to a lingering decline in interest in profile picture NFTs from the start of the 2022 bear market and difficulty in gaining traction.
Coinbase has been attempting to increase the sales of its NFT marketplace by introducing various features and tools, such as the ability to create bundles of NFTs and the launch of its NFT Artist Program. However, the sales volume of the Coinbase NFT marketplace has yet to reach the levels of its competitors and the decline in cryptocurrency market interest has been one of the major hindrances.