Quick take:
- Coinbase NFT is now open to the public.
- The marketplace saw only 900 transactions and 73 ETH of sales volume in its first week.
- Coinbase NFT made its debut with zero transaction fees for a limited period.
Coinbase announced in a tweet today that it is opening up the beta version of its NFT marketplace to the public.
IT’S ALL HAPPENING!
— Coinbase (@coinbase) May 4, 2022
We’re super excited to announce we're opening @Coinbase_NFT Beta up to everyone.
Go set up your new profile now → https://t.co/yBSzpEo7Ar pic.twitter.com/ECjaJhjo60
The NFT marketplace invited a small set of beta users to its launch on Apr 20 and saw 900 transactions and 73 ETH of sales volume in its first week. According to data by “Marcov” on Dune Analytics, Coinbase NFT now has 1,425 total transactions and 156.50 ETH of total transaction volume as of this writing.
While Coinbase did not reveal how many users were given initial beta access to the NFT marketplace, the above Dune Analytics data shows that the platform now has 1038 total users.
The data is pulled from decentralised exchange infrastructure provider, 0x Labs, which powers the backend of Coinbase NFT. 0x Labs recently raised $70 million in a Series B funding round.
As it opens up beta access to the public, Coinbase is looking to capture its share of the NFT market from the current marketplace leader, OpenSea. Coinbase NFT made its debut with zero transaction fees for a limited period.
With competition heating up between NFT marketplaces, the waiving of transaction fees is also a tactic that Kraken will be employing for its forthcoming NFT marketplace, which opened its waitlist yesterday.
Coinbase plans to grow its user base with a series of partnerships with NFT collections, including a Bored Ape Yacht Club animated film trilogy that the cryptocurrency exchange will produce. The trilogy will premiere at NFT.NYC in June.
Bored Ape owners can take part in the films by submitting their Apes for consideration as characters along with made-up descriptions that will be reviewed by a Hollywood casting director. The film trilogy will eventually tie back into Coinbase NFT, with more details to be revealed in due time.
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