Over the past 24 hours, OpenSea has witnessed a trading volume of $92 million, whereas Coinbase NFT’s was only $315,874. That said, this new market is still in its early stages.
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- What is Going On? Why Is It So Low?
The new Coinbase NFT marketplace has had a quiet start.
According to Dune Analytics data, just 985 transactions have been made on the long-awaited platform since it opened on April 20.
Overall, Coinbase NFT has been utilized by only 737 individuals and has amassed a total trading volume of $315,874.
The world’s largest marketplace for non-fungible tokens, OpenSea, had a trading volume of $92.46 million over the previous 24 hours, according to DappRadar data.
There were also 55,982 traders during this time, with NFTs selling for an average price of roughly $1,600.
What is Going On? Why Is It So Low?
It’s possible that such comparisons with Coinbase NFT are harsh right now.
When the revised marketplace was unveiled, Coinbase claimed that it was in the testing phase.
A select (and uncertain) number of individuals have been invited to check out the site.
According to previous reports, more than 2.5 million people are on the waiting list, so it’s no surprise that there is a demand for services.
A soft launch can help iron out any issues before the masses arrive, and because of Coinbase’s reputation, it’s reasonable to assume that its NFT service will be successful.
The exchange’s VP of the product has said transactions will be free for a brief period, as previously reported by CoinMarketCap.
Users of Coinbase’s newfangled Bitcoin-based NFTs will be able to create their own profile and use crypto art as a visual representation of it “that tells their story.”
Users will also be able to subscribe to other accounts and post comments, upvote or downvote discussions from others, and even add friends on a friendlier note.
In January, Coinbase and Mastercard teamed up to make it easier to buy NFTs with credit and debit cards.