With the sudden disruption of the NFT and crypto market, it has become more difficult for Coinbase to retain traders on its platform. To this end, Coinbase NFT marketplace established direct and continuing engagement with NFT traders. This is a practical approach and has propelled Coinbase to roll out more attractive and intuitive features for its small user base.
New Features from Coinbase NFT Marketplace
Recently, the Coinbase NFT marketplace announced several new features that are great improvements. For starters, Coinbase NFT marketplace has added features such as NFT “Liked” tabs and “Bulk Manage”. This, in turn, allows users to edit the insights page, the notification hub, and listed prices.
Coinbase NFT marketplace has also added time-delayed NFT listings and rarity filters. Users can now follow feeds and connect with over ten crypto wallets in a single NFT account. Nevertheless, although the Coinbase NFT platform has held off on a limited fee time, traders have been reluctant to take advantage of the marketplace.
New Sellers and Buyers on Coinbase NFT Marketplace
Since the platform’s launch, data highlights that the Coinbase NFT marketplace has had over 8,202 new sellers and buyers. In fact, within two months, over 20,765 transactions have been performed with a trading volume of $2.9 million on the Coinbase NFT marketplace.
High Competitive Drive
On the surface, these figures may seem high. However, in comparison to top-tier NFT marketplaces like OpenSea, they’re not enough. In fact, the OpenSea NFT marketplace saw a trading volume of over $15.6 million in a single day.
This explains why the Coinbase NFT marketplace has decided to introduce new features to attract more traders to the platform and increase the volume of transactions.
In mid-2022, it appears the development of the Coinbase NFT marketplace is far from over. So far, the NFT platform has adopted a broad and long-term approach to getting the attention of more traders.
On top of that, with the ongoing crypto bear market, the Coinbase NFT marketplace had to rescind several job offers and downsize. which created a negative online perception. They wish to remedy this with ongoing initiatives.
Limited Budget and Lack of Focus on NFTs
A representative of the Coinbase NFT marketplace hints that Web3 will work as a social marketplace. So, it does not make sense to see it solely through the lens of on-chain metrics. Besides, rumor has it, that Coinbase marketplace assigns 10% of its budget on long-term NFT projects.
The current focus of the Coinbase NFT marketplace is to build a monetization product. Despite all the online frustration, the Coinbase NFT marketplace has received a positive response.
In the past, there have been controversies attached to the Coinbase NFT marketplace. However, representatives of the platform feel optimistic about turning the tide for the company by introducing new changes.