With a “engagement-first” strategy, Coinbase is growing its NFT marketplace, which has been open for eight weeks.
Coinbase NFT is adding more features for its small number of customers.
Since it opened to the public in beta at the start of May, the cryptocurrency exchange’s NFT marketplace has gotten a number of improvements. Coinbase NFT now has a “Liked” tab, the ability to change list prices, a “Insights” page, and a “Notifications” center.
It has also added filters for rarity, time-delayed listings, a “Following” feed, and the ability to link up to ten cryptocurrency wallets to a single Coinbase NFT account, among other features.
But there haven’t been any traders yet, even though the platform has refused to charge Coinbase fees “for a short time.”
External data from Dune Analytics shows that since its launch two months ago, Coinbase NFT has had about 8,202 different buyers and sellers on its platform. At the time of writing, Dune data shows that there have been 20,765 transactions worth a total of about $2.9 million, or 1,468 ETH.
If these numbers seem like a lot, that’s because they are. On Thursday, $15.6 million worth of NFTs were traded on OpenSea, the largest NFT marketplace. Also, about 1.9 million registered users who have done at least one transaction on the market-leading platform.
Even so, Coinbase NFT seems to be moving forward, despite the overall bad state of the crypto market and Coinbase’s recent round of layoffs and cancelled job offers, which led some unhappy would-be workers to vent in public.
On Twitter, people had different reactions to Coinbase’s thread about its new features. Some were worried that the company was selling user data, which Coinbase has denied, while others said the company “failed” with the launch of its NFT marketplace.
But a spokesperson for Coinbase told Decrypt that Coinbase NFT is a “Web3 social marketplace” that shouldn’t be judged just by how it works on-chain.
Now, Coinbase NFT is focusing on making its product better before making money, which is what the business says will happen.
A representative from Coinbase told Decrypt via email, “We don’t just look at the number of transactions and the amount.” When asked about the number of users and how engaged they are, the company did not respond.
“There are a lot of other people on the site who are using the social features,” the spokeswoman added. “We’re still in beta, but we’re constantly adding new features. Our focus is on the community, and we want to use these kinds of things to make our marketplace seem more social.”
On Coinbase’s first-quarter earnings call in May, CEO Brian Armstrong said he was “very happy” with how Coinbase NFT had been doing so far and hoped to add support for other blockchains in the future.
Armstrong also said, “We’re going to keep investing in it,”
But how much money does Coinbase put into its market for NFTs? President Emilie Choi says that the answer is less than 10 percent of the company’s budget as a whole.
During the conference call, Choi said, “We spend about 10% of our budget on longer-term bets like the NFT marketplace.”
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