Once again, the lack of activity on Coinbase’s NFT platform stands out.

According to analytics firm Dune The latest findings reveal that Coinbase’s fresh NFT marketplace is struggling to gain momentum. After its public beta launch, Dune documented only 150 transactions on May 4, with just around 71 transactions today, leading to a cumulative total of 1,576 transactions since the marketplace opened.

These figures are significantly dwarfed by the transaction volumes reported on OpenSea, where activity is far more vigorous. $124 million changed hands on May 3.

One issue trader Mark Hopkins sees is Coinbase’s invasive KYC.

"KYC processes are becoming overly burdensome on many platforms seeking compliance, and given the frequent hacks reported, I wouldn't trust Coinbase with my personal information. There are numerous simpler alternatives out there,\" he mentioned.

Coinbase’s NFT initiative was aimed at simplifying the NFT purchasing experience for a more formal demographic. As a publicly traded company, their pivot to NFTs seems like a strategic move to dive into a market already bustling with successful competitors. Nevertheless, some industry analysts are optimistic about the potential for growth in this area.

"Coinbase has entered the NFT space without taking shortcuts and is genuinely embracing Web3 principles,\" commented Ouriel Ohayon, CEO of a notable company. \"While initial traction is slow, I believe they will become a significant influencer in this domain. However, to really make a mark, they need to enhance their inventory and better manage their community interactions.\" ZenGo Ohayon also noted that a significant portion of NFT trading activity is concentrated on collections like BAYC and Moonbirds, which are exclusive to OpenSea. He is confident that as more coveted NFTs become available across various platforms, Coinbase’s marketplace will also witness a surge in popularity.

Coinbase's NFT Marketplace is finally up and running: Will it outperform OpenSea?

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