Coinbase NFT, a new manufacturer of non-fungible tokens (or NFTs) through the cryptocurrency exchange Coinbase, is having a difficult time attracting users.
In its first day, the market, which opened its beta to the public on Wednesday (4), registered less than 150 new users on its platform, according to data from Dune Analytics . A total of around $ 75,000 worth of ether (ETH) has been exchanged. That price is better than the price of Bored Ape.
As of Wednesday afternoon, the total number of Coinbase NFT users was 1,112. As of Thursday afternoon (5), the store had registered 1,208 users.
So Coinbase NFT is available to everyone. No one thinks …
So coinbase NFT is live for everyone. No one seems to care…— 0xBotwin.eth👑🦁🧬 (@0xBotwin) May 4, 2022
NFTs are special symbols, usually developed by Ethereum, used to represent the ownership of digital devices such as art, video game objects or other assets. The NFT industry grew by more than $ 20 billion in 2021 and that number could increase further by the end of 2022.
Currently, OpenSea is the largest NFT platform on the market, generating thousands of dollars in the packaging industry every month. The flagship NFT company traded $ 177.2 million on ether on Wednesday and, since its release, has collected a total of more than 1.65 million users, according to Dune data.
Why are writers not in a hurry to sign up and trade on Coinbase NFT? Well, there are a few things. First, there is a lot of competition. LooksRare, Rarible, Foundation, NiftyGateway and SuperRare help small businesses.
Second, more and more candidates are coming. On Wednesday, Kraken announced that the waiting list for its Kraken NFT industry is now available and it will provide lower fuel prices (prices that often affect the operation of the Ethereum network) through management. respect industry and it needs start date is a few months from now.
I have not sold part of Coinbase, but I will sell all of my shares if the company does not complete with NFTs next year. The current NFT product is not [esse tal progresso]…
1/ I haven't sold a share of Coinbase but will sell all my shares if the company doesn't make a strong move in NFTs in the next year. The current NFT product is not it...— Nick Tomaino (@NTmoney) May 4, 2022
Coinbase NFT does not offer greater financial benefits to users leaving OpenSea than the zero-cost commitment of the platform for a limited time – although users will still have to pay for gas.
The timing of the announcement could be a problem for the Coinbase NFT store. Cryptocurrencies are still in the middle of the bear market as ether has fallen 44% since its record high of $ 4,800 in November 2021.
NFT monthly sales also fell from a high of nearly $ 5 billion in January, although the economy rebounded in April (for $ 3.8 billion) after March no. movement.
Coinbase NFT is very disappointing, but keep in mind that it is always about attracting new customers with no impact on the market.
The big users who complain about the features they are talking about are pretty much unobtrusive to the question of whether it has an impact on the business or not.
coinbase NFT is pretty underwhelming but keep in mind that this was always about attracting newbies who have no exposure to the space at all
power users complaining about missing features is pretty irrelevant to whether this has an impact on the market or not— Giancarlo (@GiancarloChaux) April 20, 2022
The slow start of Coinbase NFT has also caused serious problems for consumers. Samuel Cardillo, CTO at RTFKT Studios, Nike’s Web 3 Network, show who were blocked by Coinbase NFT “for no other reason than to receive ETH after selling NFTs”.
He tweeted that he had been trying to get it to access the platform for weeks since he was able to use it during the private beta.
“This is why I would not recommend our patrons use your platform,” Cardillo told Coinbase NFT.
* Translated by Daniela Pereira into Nascimento with permission from decrypt.co.