The widely anticipated launch of Coinbase Global Inc’s (NASDAQ:COIN) NFT marketplace appears to have had an underwhelming first day.
What Happened: According to data from Dune Analytics seen by Decrypt, Coinbase NFT had under 150 users on the first day of being open to the public.
The platform was launched on Wednesday and saw only $75,000 worth of Ethereum (CRYPTO: ETH) traded at the end of the day.
At the time of writing, data from Dune showed that the marketplace had a total of 818 unique buyers and 524 unique sellers. There had been a total of $658,480 worth of ETH traded over a total of 1,642 transactions suggesting that the platform hadn’t yet gained much more traction.
So coinbase NFT is live for everyone. No one seems to care…
— 0xBotwin.eth (@0xBotwin) May 4, 2022
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
In November, Coinbase CEO Brian Armstrong said he expects the crypto exchange’s NFT business to “be bigger” than its existing trading business that lets users buy and sell cryptocurrencies like Bitcoin (CRYPTO: BTC) and Dogecoin (CRYPTO: DOGE).
Two weeks after announcing plans to launch an NFT platform, Coinbase had more than 2 million people join the waitlist.
See Also: HOW TO BUY NON-FUNGIBLE TOKENS (NFTS)
The lack of enthusiasm for Coinbase’s new NFT platform hasn’t deterred users from trading on long-standing counterparts like OpenSea and LooksRare.
Earlier this week, OpenSea hit a record single-day trading volume of $476 million worth of ETH.
Price Action: According to data from Benzinga Pro, ETH was trading at $2,740, down 6.65% over 24 hours. Coinbase shares closed 12.22% lower on Thursday at $114.25 per share.
Photo courtesy: Coinbase
