After testing the beta version with a private group of users, Coinbase is finally opening the NFT marketplace (Still Beta) for the public. Last month (in April), the NFT marketplace was unveiled to a small group of users for testing.
Coinbase announced the NFT Marketplace in October 2021. Now, after seven months, the crypto exchange is launching the marketplace. The news came out on Wednesday (May 04).
Now that the marketplace is made public, there have some numbers coming. Let’s see how it performed.
In its debut week, there were a total of 900 transactions generating a sale volume of 73 ETH ($1,73,000 as of May 09). Considering Coinbase’s huge market volume, the numbers aren’t that promising.
However, the crypto exchange hasn’t shared how many users were granted access to trade in the marketplace. So, it is still early to conclude how the marketplace will perform in the long run.
Marketplaces like OpenSea, are taking transaction fees that the users don’t really like. Recently, there was a huge backlash from the community when ETH gas fees spiked to a ridiculous amount.
Coinbase, on the other hand, is currently charging no transaction fee at all (FOR A LIMITED TIME). Also, they are planning to launch new NFT projects on the platform as well as bring some of the existing ones – Bored Ape Yacht Club.
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