Coinbase NFT Marketplace Beta Sees Less Than 900 Transactions in Opening Week

The exchange’s long-awaited NFT platform saw 73 ETH in trade volume in its first week after a small portion of its three million-person waitlist was granted access.

AccessTimeIconApr 28, 2022 at 5:10 p.m. UTC
Updated May 11, 2023 at 5:35 p.m. UTC

Crypto exchange Coinbase (COIN) finally launched the beta of its non-fungible token (NFT) marketplace last week, and some initial activity data has become available.

According to data from crypto analytics site Dune, Coinbase’s marketplace had less than 900 total transactions since its launch on April 20. (The data is routed through 0x Project, which Coinbase tapped for the marketplace’s back end.)

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  • Total trade volume on the marketplace in that time has been 73 ETH (roughly $217,000), with around 650 users so far transacting on the platform.

    The low usage stats can likely be attributed to the fact that Coinbase has only granted a small portion of its three-million person waitlist access to the platform. In an emailed statement to CoinDesk, Coinbase said it would not be able to confirm any user data on its NFT marketplace because the product is in beta.

    For comparison purposes, established NFT marketplace OpenSea did over $808 million in Ethereum-based trade volume during that same period, amongst over 36,000 users.

    Coinbase has said its social-focused marketplace is still in its early stages of development, with plans to drive more users to the platform with exclusive partnerships to be announced in the coming months.

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    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Eli Tan

    Eli was a news reporter for CoinDesk. He holds ETH, SOL and AVAX.


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