On May 4, 2022, Coinbase released its NFT platform to the world after much hype. The expectations from the NFT platform were quite high since its first announcement almost seven months back. It was found that almost 2.1 million people had signed up to be a part of the potential users’ waitlist for Coinbase NFT. So how is the platform performing since its launch? This is exactly what we’ll aim to answer in the following sections.
If we observe the total amount of sales and NFT transactions on the platform, it is evident that the performance of Coinbase NFT has been somewhat lackluster. A Dune Analytics report said that since the time of its launch, only 4,132 users have purchased something on the platform. If we take this number in relation to the total number of people who had signed up for the platform originally, it only comes up to around 0.0019%.
As for the sales revenue of the platform, it has not been able to record good figures in that arena either. According to the Dune Analytics report, the total gross sales made by Coinbase NFT since May 4 have been around $875,000. Although it seems like a good amount at the first look, when it is compared to the sales figures of bigger platforms like OpenSea, it is quite less. In January 2022, OpenSea was able to make average sales of a whopping $161 million every day.
Although Coinbase is the biggest crypto exchange in the United States, it is clear that the company is struggling to stake the NFT claim as of now. However, many NFT experts are predicting that the crypto pioneer will be able to dominate the NFT space in the coming years.