After months of lacklustre performance, Coinbase NFT has paused creator drops to add more features that will improve the platform. The announcement was made through Twitter on Wednesday. And the platform was quick to state that it was not shutting down, dispelling swirling rumors that it was likely to close shop.
Some people have wondered why the platform would opt to pause drops just to add other features creators need. Why could they not do both simultaneously? It turns out that Coinbase is understaffed as a result of months of layoffs. A company spokesperson confirmed this rumor, saying that the “Coinbase NFT team had to realign its resources to focus on the areas with the greatest impact for its users.”
Coinbase NFT Efforts Have Not Been Very Successful
It’s not the first time Coinbase NFT has added features to the platform, but in the past, they didn’t need to suspend anything. Since its launch in the spring of last year, the platform has added a few notable features such as a bulk management tool, time-delayed listing, and rarity filters, all in a bid to attract users to the platform.
However, these efforts have not been very successful, as the platform has continued to perform dismally. Data from Dune Analytics shows that the platform has attracted just over $306 in trading volume over the past 24 hours. Also, about $1,500 in the past week and $7 million in all-time trading volume. These figures pale in comparison if you consider OpenSea the leading NFT marketplace with over $13 million in trading volume over the past 24 hours.
It will be interesting to see what the future holds for the platform, as regular NFT traders appear not to take it seriously. After the announcement was made, the tweet was met with ridicule online. One user by the name of borovik.eth joked, “The seven people who use your platform were worried,”