Since May 4, the Coinbase NFT platform has been available to anybody and everyone. Since the initiative was unveiled seven months ago with mounting anticipation, a gathered queue of more than 2.1 million potential consumers, the expectations for that specific NFT marketplace were sky-high. However, Coinbase’s overall number of NFT transactions and total quantity of sales during the last 19 days can only be defined as a huge letdown.
The disappointing numbers for Coinbase NFT
At the time of writing, just 4,132 individuals had purchased Coinbase NFT, according to Dune Analytics. Only 0.0019 percent of the 2.1 million persons who had initially joined up for the Coinbase NFT queue had done so.
In terms of sales income, the initiative hasn’t fared any better. According to Dune Analytics, the Coinbase NFT platform has generated about $875,000 in gross sales since May 4. That works up to only $46,000 per day in sales. While it may appear to be a lot, it pales in comparison to OpenSea, the world’s largest NFT portal, which generated $161 million per day during its busiest sales month ever in January 2022. The difference in size between the two NFT markets is enormous.
Coinbase has struggled to establish its NFT claim.
Coinbase, the largest cryptocurrency exchange in the United States, recognized a chance to profit from the rapidly growing, multi-billion dollar NFT business. NFT sales reached $24.5 million in 2019, climbed 236 percent to more than $82.5 million in 2020, and then skyrocketed 21,350 percent to more than $17.7 billion in 2021, according to the nonfungible.com 2021 NFT Yearly Report.
Based on its large 2.1 million waitlist of potential members, 8.8 million active monthly users on its crypto exchange, and 56 million verified users altogether, many NFT analysts – including myself – projected that Coinbase would steamroll into the NFT battle for domination. How could Coinbase not dominate the NFT industry given its 10-year history as a crypto pioneer, scalability, trusted brand, and enormous user base?