Coinbase NFT Platform Lags Rivals in Slow First Week

Key Insights:

There has been just $300K in trading volume over the past week or so.

Rival NFT marketplace OpenSea has more than $100 million in daily volume.

Coinbase only granted access to a handful of customers on its beta platform.

It has been a little over a week since American crypto giant Coinbase launched its long-awaited NFT platform in beta. However, since that launch day on April 20, the platform has lagged significantly behind its rivals in terms of volumes and sales.

According to data from Dune Analytics, Coinbases NFT marketplace has had just 930 total transactions since it launched. The platform is powered by the 0x Project, which also provides the analytics data.

Lagging Behind Rivals

The data shows that April 28 was its highest day for transaction volume, which was a little over $100,000 for the period. Comparatively, rival platform and the worlds leading NFT marketplace OpenSea recorded $107 million in daily sales yesterday, according to Dune.

The total volume traded on the Coinbase NFT marketplace to date is $311,108, or 105 ETH. This is less than is traded on OpenSea every five minutes.

Other stats equally lacked luster for Coinbase, including the total number of unique buyers that tallied just 477. This is surprising since the site was inundated with registrations as millions of users signed up for access when it was announced. It has had less than a hundred new users signing up for the service per day since it started last week.

However, the low usage stats are likely to result from the fact that the company only gave access to a tiny number of the 3 million users on its waiting list.

There were also just 288 NFT sellers using the platform over the past week. Comparatively, OpenSea has had around 460,000 active traders so far this month.

The top trending collection on Coinbase NFT is Moonbirds, surpassing the wildly popular Bored Ape Yacht Club (BAYC) collection.

Coinbase stock (COIN) fell to an all-time low of $115 on Thursday, according to FXEmpire.

NFT Market Outlook

NFT market analysis platform Cryptoslam also reports that Moonbirds is currently the most popular collection in the NFT scene. There has been $88 million in seven-day secondary sales volume for the collection.

The Mutant Ape Yacht Club is in second place with $85 million in weekly sales, and its sister collection, BAYC, has seen $71 million in seven-day sales volume.