Coinbase NFT has had trading volumes of $315,874 since April 20 — while OpenSea's stands at $92 MILLION over the past 24 hours alone. That said, this new marketplace is still in beta mode.
It's been a rather subdued start for Coinbase's new NFT marketplace.
Data from Dune Analytics has revealed that there have been just 985 transactions on the long-awaited platform since it launched on April 20.
Overall, Coinbase NFT has only been used by 737 people — with a total trading volume of $315,874.
By contrast, OpenSea — the world's largest marketplace for non-fungible tokens — had trading volume of $92.46 million over the past 24 hours, DappRadar data shows.
There were also 55,982 traders over this period, with NFTs selling for an average price of approximately $1,600.
Why So Low?
Such comparisons between OpenSea and Coinbase NFT might be unkind at this stage.
When the new marketplace was unveiled, Coinbase stressed that this shiny new product was in the beta stage.
A limited (and unknown) number of people from a waitlist have been invited to give the platform a go.
Estimates have previously suggested that more than 2.5 million are on this waitlist — so it's fair to say that the demand is there.
A soft launch can help iron out the kinks before the masses arrive, and given Coinbase's stature, it's safe to say that its NFT offering will be popular.
As previously reported by CoinMarketCap, the exchange's VP of product has said transactions will be free for a limited time only.
Coinbase NFT users will be able to create their own profile and illustrate it with the crypto art "that tells their story."
And in a nod to social networks, users will also be able to follow other profiles and post comments, as well as upvote or downvote conversations from others.
Back in January, Coinbase and Mastercard also formed a partnership to ensure NFTs can be easily purchased using credit and debit cards.