“Trading volume fell below the plinth.” Coinbase has limited the functionality of its NFT marketplace

The popular American crypto exchange Coinbase decided to enter the NFT market last year. True, the time for this was not chosen the best – 2022 turned out to be a failure for the entire industry, so the Coinbase NFT marketplace announced on the suspension of the distribution of new collections on the site.

At the same time, the company emphasized that the division does not stop its work.

We are pausing Creator Drops on the NFT marketplace to focus on other features and tools that content creators have been asking for.

“We believe that ultimately these changes will improve the efficiency of the Coinbase NFT team and focus on building a solid product that will best serve the community in the long run,” a Coinbase spokesperson told Decrypt. “The mission of Coinbase NFT remains unchanged, and we are optimistic about the future as we continue to create.”

It is not yet very clear why Coinbase NFT should stop releasing new collections in order to launch other features. Perhaps this could be due to a shortage of staff, as Coinbase, like many other cryptocurrency companies, is heavily reducing staff in an attempt to save funds. The exchange laid off 950 of its employees last month alone.

Since launching in the spring of 2022, Coinbase NFT has been developing new features for its marketplace in an effort to attract new users. However, the efforts were in vain – for the day (February 1) the volume of trading on the site amounted to only $106.

For the entire period of operation (since the end of April 2022), the total trading volume on Coinbase NFT amounted to about $7.34 million. For comparison, only on the first day of February on a competing marketplace opensea total NFT trading volume exceeded $11.3 million.

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