Coinbase NFT Marketplace Beta Sees Less Than 900 Transactions in Opening Week

The exchange’s long-awaited NFT platform saw 73 ETH in trade volume in its first week after a small portion of its three million-person waitlist was granted access.

(Benjamin Girette/Bloomberg via Getty Images)

According todata from crypto analytics site Dune, Coinbase’s marketplace had less than 900 total transactions since its launch on April 20. (The data is routed through 0x Project, which Coinbase tapped for themarketplace’s back end.)

Total trade volume on the marketplace in that time has been 73 ETH (roughly $217,000), with around 650 users so far transacting on the platform.

The low usage stats can likely be attributed to the fact that Coinbase has only granted a small portion of its three-million person waitlist access to the platform. In an emailed statement to CoinDesk, Coinbase said it would not be able to confirm any user data on its NFT marketplace because the product is in beta.

For comparison purposes, established NFT marketplace OpenSea did over $808 million in Ethereum-based trade volume during that same period, amongst over 36,000 users.

Coinbase has said its social-focused marketplace is still in its early stages of development, with plans to drive more users to the platform with exclusive partnerships to be announced in the coming months.

Who is Satoshi Nakamoto?

"Who is Satoshi Nakamoto?" is dedicated to the mysterious creation of Bitcoin, and acts as the showcase artwork within Javier Arrés’ exploratory series "Bitcoin, The Origin". "Who is the creator of Bitcoin?" The artist, Arrés, explores this question, and the feelings of doubt and mystery that accompany it, through his unique artistic language. An unknown, an enigma. It should be remembered that the name Satoshi Nakamoto is a pseudonym of Bitcoin's author or authors and gives us little insight into its true creator. For this Visual Toy, Arrés uses the signature claw machine, his famous half-operation, to symbolize our collective ignorance and unconfirmed belief: As soon as it has the stuffed animal within its grasp and appears to have solved the puzzle, the animal escapes again, and again. At present, there are three more public and studied possibilities who are either believed to be the creators of the currency or who directly claim the creation of it. It may be all or none of them, yet these three personalities leave us clues which are an important part of this interesting enigma. For this moment, it will remain unknown... In this artwork, Arrés elevates the claw machine from the apparatus, to an iconic pop art object serving as an important element to the Bitcoin creation narrative. Action is everywhere, with each movement serving an iconographical or metaphorical purpose related directly to cryptocurrency: Various ups and downs, roller coasters, mining points, robot, coins and more speak to a sense of hope, risk, mystery, randomness and possibility of pay out. Hundreds of manically thought out details make this creation one of the artist’s most complex Visual Toys to date. ------- "Bitcoin, The Origin" is a set of two Visual Toys, titled "Who is Satoshi Nakamoto" and "It’s Alive!" which reflect and explore the mystery and enigmas behind the creation of Bitcoin. Arrés presents these proposals to us in his signature style, full of iconography, fantasy, maniacal animations and a panoply of details (both subtle and overt) which simultaneously fascinate, hypnotize, and narrate this historical milestone through the singular vision of the artist. Through this series, Arrés freezes a crucial moment of cryptocurrency history, taking a still photo under his vision and turning it into two unique crypto artworks. ---- More info about Javier Arrés: https://javierarres.com/about.html

02/05/2022 Coinbase NFT Marketplace Beta Sees Less Than 900 Transactions in Opening Week

The exchange’s long-awaited NFT platform saw 73 ETH in trade volume in its first week after a small portion of its three million-person waitlist was granted access.