Coinbase NFT halts artist drops as trading volume tanks


Monthly NFT trading volumes, even after crash 97% since its January 2022 peak, it is still listed in the hundreds of millions of dollars, just not on the platform built by Coinbase, the second-largest crypto exchange after Binance. Recent data shows that transactions in the last 24 hours on Coinbase NFT amounted to $149 after hovering around $108 for much of Thursday.

Perhaps that is why Coinbase NFT announced on Wednesday that it would pause NFT drops. In a tweet, the company clarified that the suspension of the release of new NFTs featuring artists exclusively on Coinbase was not a death sentence for the company’s foray into non-fungible tokens, and that it was pausing the drops to focus on other “features and tools” in the market requested by artists.

“Ultimately, we believe these changes will bring greater focus and efficiency to the Coinbase NFT team’s ability to build a durable product that better serves the community in the long term,” a spokesperson for NFT said. coin base said in a statement to Fortune.

The spokesperson did not provide details on the “features and tools” mentioned in his original announcement nor did he say when NFT drops might resume. Coinbase still provides access to the NFTs listed by competitors like OpenSea, so users can access newly released tokens elsewhere.

From was released in aprilCoinbase NFT has seen a total trade volume of approximately $7.3 million, according to Dune Analytics. In addition to not breaking the $150 mark in the last 24 hours, the site’s seven-day volume was just under $1,500. OpenSea, by comparison, saw over $10 million in volume on Tuesday alone, by Dapp Radar.

As publicly traded Coinbase nears an earnings release at the end of February, it is facing setbacks. (However, the price of its shares has tracked up.) In January, the company announced it would cut 25% of your current staffapproximately 950 employees, which continued other rounds of layoffs in 2022. AND recently reached a settlement of 100 million dollars with the New York Department of Financial Services for its alleged failure to adequately protect against money laundering and narcotics trafficking, among other forms of criminal conduct.

Surojit Chatterjee, the company’s former chief product officer and who was reportedly responsible for the launch of Coinbase NFT, also left the company in november.

“Rest assured that our mission for Coinbase NFT has not changed and we remain optimistic about our future as we continue to build,” the company tweeted after its original announcement.

That didn’t stop members of the crypto community from Twitter to sharpen their knives.

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