Coinbase has reduced the functionality of its NFT marketplace

The NFT marketplace team of the Coinbase exchange announced the suspension of the distribution of new collections on the site.

We recently shared that we are pausing creator Drops on the NFT marketplace to focus on other features and tools that creators have asked for.

To be clear: We are not shutting down the Coinbase NFT marketplace.

— Coinbase NFT (@Coinbase_NFT) February 1, 2023

Coinbase NFT stressed that they do not stop working. The decision was explained by the need for staff to “focus on other functions and tools.”

“Rest assured, our mission statement has not changed and we remain optimistic about the future of the platform and keep building,” the statement said.

In a comment for Decrypt A spokesperson for the company said that “the Coinbase NFT team has redeployed its resources to focus on the areas that matter most to users.”

In January, the exchange held its third round of layoffs, laying off 950 employees, or 20% of the staff.

Coinbase launched a beta NFT marketplace in April 2022. According to Dune Analyticsfor the entire period of operation, the trading turnover on the site amounted to $7.34 million. At the same time, approximately 10% of the indicator fell on September 9 – 447 ETH, or ~ $ 721,000 at that time.

For comparison, the segment leader, OpenSea, had a trading volume of 7,077 ETH (~$11.2 million) on February 1 alone. In recent weeks, this is not the largest daily indicator of the platform.

The poor performance of Coinbase NFT was pointed out by many Twitter users. One of them doubted that the site had collection creators at all.

You could have directly called the 4 users of the platform — I don’t think a tweet was necessary.

— FameToClaim (@FameToClaim) February 1, 2023

“You could call all four users directly. I don’t think it was necessary to tweet,” the account owner wrote. FameToClaim.

User with nickname borovik.eth raised This figure is for a platform of up to seven people.

Recall that in 2022, the trading turnover of NFTs based on Ethereum reached $23.7 billion.

Found a mistake in the text? Select it and press CTRL+ENTER