Monthly NFT trading volumes—even after crashing 97% from their January 2022 peak—still figure in the hundreds of millions of dollars, but not on the platform built by Coinbase, the second-largest crypto exchange after Binance. Recent data shows that trades over the past 24 hours on Coinbase NFT have amounted to $149 after hovering around $108 for much of Thursday.
Perhaps that's why Coinbase NFT announced on Wednesday it was pausing NFT drops. In a tweet, the company clarified that its suspension of launching new NFTs with artists exclusively on Coinbase was not a death knell for the company's foray into non-fungible tokens, and that it was pausing drops to focus on other "features and tools" in the marketplace requested by artists.
