Wednesday saw Coinbase open the gates to its NFT marketplace ‘Coinbase NFT,’ however, as figure reports have suggested, the occasion has been far from grand.
According to Dune Analytics, which draws on-chain data from the 0x Protocol (the infrastructure behind Coinbase NFT), a total of 150 transactions took place in the platform’s first full day of open-access, which amounted to a trade volume of just over $74,700.
A stat which is perhaps even more dire is that the platform has only enticed 1,256 people to become active users of its services, which is a mere 0.014% of its 8.4 million deep, hype-succumbing waitlist.
According to users, a reason for the disappointing figures may be due to the platform’s inability to differentiate itself from preexisting platforms, as users still need to have self custody wallet and pay gas fees when navigating the platform. What this also implies is that its social media-inspired features, such as its ‘follow’ and ‘comment’ functions, haven’t necessarily taken off either.