Coinbase denies shutting NFT marketplace amid dwindling use

Coinbase NFT has denied rumors that it is shutting down its marketplace, saying it was lone pausing creator drops connected the platform, according to a Feb. 1 statement.

The crypto exchange’s NFT platform said it made this determination to “focus connected different features and tools that creators person asked for.”

Coinbase did not explicate wherefore it paused drops to absorption connected instrumentality development. The speech has yet to respond to CryptoSlate’s petition for remark arsenic of property time.

Coinbase NFT sees small usage

The exchange’s NFT level has yet to spot overmuch occurrence since its motorboat successful 2022. The platform’s measurement successful the erstwhile 24 hours was conscionable $30, and $1,783 implicit the past 7 days, according to Dune analytics data. The level has a cumulative measurement of $7.34 million.

Coinbase NFT buyers and sellers peaked successful June 2022, with 1,729 play users. Since then, the play marketplace users dropped to little than 500 towards the extremity of September. In 2023, the level has consistently seen little than 200 play users.

Source: Dune Analytics

Meanwhile, rival marketplaces similar Blur and OpenSea‘s trading measurement successful the past 24 hours was $13.92 cardinal and $9.05 million, respectively, according to Dappradar data.

Coinbase introduces caller tools

Meanwhile, contempt the underwhelming show of its marketplace, the crypto speech has introduced caller tools to assistance amended its users’ acquisition and the information of its Wallet app.

The Brian Armstrong-led speech volition let its users to support their integer assets by enabling them to preview interactions with a astute declaration earlier the transaction approval. The wallet besides introduces caller measures similar token support alerts, a Dapp blocklist and spam token management.

These tools would springiness users accrued clarity, amended guardrails, and much power implicit their assets, according to the exchange.

The station Coinbase denies shutting NFT marketplace amid dwindling use appeared archetypal connected CryptoSlate.