Coinbase, one of the most traded cryptocurrency exchanges, opened its beta non-fungible token (NFT) market to the public on May 4, with on-chain data showing up to 150 trades that day with a volume of $75,000.
Transactions captured by Dune Analytics show the total amount that occurred through the 0x protocol, the infrastructure behind the Coinbase marketplace. While there is no guarantee that all transactions will come from Coinbase, since 0x announced its support for NFTs in January, it has not announced any other partners other than Coinbase.
That number is paltry compared to expectations generated by the market’s waitlist. Before entering beta testing on April 20, more than 8.4 million email addresses signed up for a waitlist, and only a few were able to create profiles to buy and sell NFTs. The analysis shows that as of May 5, the total number of users on the platform has exceeded 1,200, which is only 0.014% of the waitlist.
It’s been 2 weeks.Raise your hand if you bought something on @Coinbase_NFT
In fact, if you’re already logged in, raise your hand
— quit.pcc.eth (@0xQuit) May 5, 2022
Market volume figures in U.S. dollars are also not up to par, with just over $74,700 on Coinbase’s new market on May 4. While this may please critics who claim that the NFT market has seen a sharp decline, by contrast, the largest NFT marketplace, OpenSea, recorded $1.18 billion in trading volume on the same day.
Nearly seven months ago, Coinbase announced a waitlist for its NFT platform in mid-October 2021, with some Twitter users noting that the launch took too long to be open to the public as they had other options, such as OpenSea and LooksRare listed. popular collection.
Related: 5 NFT marketplaces that could topple OpenSea in 2022
Some users report that the market in its current form does not differentiate itself from its competitors as it requires a self-custody wallet and requires gas fees. Coinbase does have future plans to change this, as its January partnership with Mastercard announced that it will seek to make the platform more friendly to first-time users who can buy NFTs with a credit card.
A week before its first-quarter earnings call on May 13, Coinbase, which had a low market user count, fell 68% from its all-time high of $357 on Nov. 10 and hit $112 on April 29. the low point.