Coinbase denies shutting NFT market amid dwindling use

    Coinbase NFT has denied rumors that it’s shutting down its market, saying it was solely pausing creator drops on the platform, based on a Feb. 1 assertion.

    The crypto alternate’s NFT platform mentioned it made this choice to “focus on other features and tools that creators have asked for.”

    Coinbase didn’t clarify why it paused drops to deal with instrument improvement. The alternate has but to answer CryptoSlate’s request for observation as of media time.

    Coinbase NFT sees little utilization

    The alternate’s NFT platform has but to see a lot success since its launch in 2022. The platform’s quantity within the earlier 24 hours was simply $30, and $1,783 over the past seven days, based on Dune analytics data. The platform has a cumulative quantity of $7.34 million.

    Coinbase NFT consumers and sellers peaked in June 2022, with 1,729 weekly customers. Since then, the weekly market customers dropped to lower than 500 in direction of the top of September. In 2023, the platform has persistently seen lower than 200 weekly customers.

    Coinbase NFT
    Supply: Dune Analytics

    In the interim, rival marketplaces like Blur and OpenSea‘s trading volume in the last 24 hours was $13.92 million and $9.05 million, respectively, according to Dappradar data.

    Coinbase introduces new tools

    Meanwhile, despite the underwhelming performance of its marketplace, the crypto exchange has introduced new tools to help improve its users’ expertise and the security of its Pockets app.

    The Brian Armstrong-led alternate will enable its customers to guard their digital property by enabling them to preview interactions with a sensible contract earlier than the exchange approval. The pockets additionally introduces new measures like token approval alerts, a Dapp blocklist and spam token administration.

    These instruments would give customers elevated readability, higher guardrails, and extra management over their property, based on the alternate.

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