Coinbase NFT: crypto trading volumes low

Over the past 7 days, Coinbase NFT has recorded crypto trading volumes of less than 5 Ethereum. However, a drop in sales does not discourage the company behind the marketplace, which still considers it a viable project.

Coinbase not discouraged by drop in crypto volumes on its NFT marketplace

According to data from Dune Analytics, Coinbase reportedly recorded NFT trading volumes of less than 5 Ethereum (the equivalent of about $7,700) over the past seven days.

This is a huge drop in Non-Fungible Token sales. Indeed, while there have been only 47 sales on Coinbase NFT in the past 7 days, in June last year, the marketplace had recorded records of more than 1,000 NFT sales in just 24 hours.

In this regard, Coinbase President and COO Emilie Choi reportedly stated that the company continues to view Coinbase NFT as a viable project. Here are her words in response to questions on the topic from shareholders:

“We continue to see medium and long-term opportunities here. We’ve got a very lean team on it now, but we’re not throwing in the towel by any means.”

Coinbase NFT and its new goals compared to other marketplaces

Choi’s speech relates to what had already been pre-announced by the platform regarding Coinbase NFT’s goals.

Rest assured, our mission for Coinbase NFT hasn’t changed and we remain optimistic about our future as we continue building. We’re excited to find more opportunities to work with with creators in the future.

— Coinbase NFT (@Coinbase_NFT) February 1, 2023

Basically, Coinbase’s Non-Fungible Token platform, instead of competing with current leaders OpenSea and Blur in NFT sales, prefers to redefine its mission and focus on catering to creators. 

Indeed, it appears that the suspension of creator drops on the marketplace in early February would serve to let the platform focus on features and tools requested by NFT creators themselves. 

Some people seem to like this mission, to the point of preferring Coinbase NFT to OpenSea

In response to the news that @opensea no longer enforces creator royalties, we have blocked their marketplace and all others that participate in this practice. @Coinbase_NFT will be our preferred marketplace to buy and sell @DeathbatsClub . 👇

— M. Shadows (@shadows_eth) February 20, 2023

NFT sales for the past seven days of OpenSea and Blur

As we continue to look at the charts from Dune Analytics, dominating the NFT marketplace scene in sales are OpenSea and Blur. 

Indeed, in the last week, Blur recorded NFT trading volumes worth nearly 76.5 ETH (the equivalent of about $127,000). The number of sales actually amounted to only 52.

OpenSea, on the other hand, recorded 304 sales in the last week with an NFT trading volume of nearly 80 ETH (the equivalent of over $133,000).

This great competition between the two platforms has recently led OpenSea to want to implement 0% fees to win over the user base lost to Blur.

In contrast to Coinbase, which wants to target creators, both OpenSea and Blur are instead targeting users eager to get higher returns from their NFT investments.

That is why OpenSea reportedly dropped its 2.5% fee.