Coinbase is one of the largest crypto marketplaces, and the company's recent NFT marketplace launch recorded only 900 transactions during its first week

Coinbase in the NFT space

Coinbase is one of the most widely used crypto trading platforms, and the company recently debuted its NFT trading platform. Unfortunately, it doesn’t seem like the debut of the NFT marketplace has been a success due to the abysmal trading numbers.

After debuting its long-awaited NFT marketplace, the platform processed only 73 ETH in trade volume during its first week after a minute portion of the millions of waitlisted applicants were granted access to the platform.

Thanks to data from Dune, a crypto analytics site, we now know that Coinbase’s marketplace recorded around 900 transactions since April 20 - the data is routed through 0x project. So far, 650 users have made transactions totaling $217,000 or 73 ETH since its launch.

Many users have claimed that the low usage numbers are due to the market being unready for the new competition from Coinbase. Others claim that Coinbase’s approach to launching its NFT marketplace product was not the best, and that’s why the numbers have been unexciting and unassuming.

When it comes to beta testing, it’s not exactly easy to quantify how successful a beta launch has been because of the test size or the test duration. Other times, closed beta launches test certain aspects of a product and might not show the whole picture.

Realities of Coinbase’s Beta Launch

Looking at the realities of the beta launch by Coinbase, most stakeholders point to the likely fact that the unimpressive usage data can be most likely attributed to the company only allowing a few people to access the beta product.

Media outlets have reached out to Coinbase for statements on the happenings surrounding the beta launch of its NFT marketplace product. But Coinbase failed to share any user information as the company would not be able to confirm any user data concerning its marketplace because the product is still in its testing phase.

Previously, Coinbase shared that its social-focused marketplace is still in the early stages of development, the company plans to generate more users for the platform, and an essential strategy for user generation is exclusive partnerships. These partnerships are scheduled to be announced over the coming months.

You should know this

Unfortunately, Coinbase’s NFT marketplace has failed to excite investors, and its launch has done little to stop the downward spiral of Coinbase’s stock price. The company’s stock fell to an all-time low last week, days after the beta launch of the NFT marketplace.

If you’re interested in creating an account on the Coinbase NFT marketplace beta version, keep in mind that all users require an invite code to create an account on the website. If you don’t have an invite code, you can freely explore the website, but you will not be able to make a trade - yet.