Coinbase NFT cryptocurrency platform fails in all respects

Analysts reported that Coinbase NFT, a cryptocurrency platform for the sale and purchase of non-fungible tokens, failed to attract enough users — the average daily trading volume on Coinbase is 2000 times lower than that of its main competitor OpenSea.

According to Dune Analytics, Coinbase NFT’s trading volume since its launch on April 20 has amounted to just over $ 2.9 million. At the same time, during the same period of time, the trading volume of the largest NFT platform OpenSea reached more than $ 5.9 billion. Interestingly, even the «newcomer» to the non-fungible token market, the LooksRare platform, has seen a trading volume of about $ 2.35 billion since its launch in January, which is also hundreds of times higher than Coinbase NFT.

Analysts are convinced that Coinbase (which appeared on the market 5 years earlier than Binance) is gradually losing its «position in the crypto market». Currently, the company’s shares are trading at $ 51, which is almost 84% below Coinbase’s own high.

As a reminder, user confidence in the crypto exchange has once again been severely shaken after rumors of the sale of personal data of Coinbase customers to the US government. At the time, representatives of the platform denied the allegations and emphasized that the exchange provides information to the government solely for the investigation of financial crimes. However, this did not reassure most users.

Obviously, Coinbase is going through hard times, because in addition to the lack of expected profits on Coinbase NFT and suspicions of selling users' personal data, the platform representatives have other problems: a class action lawsuit for promoting the TerraUST stablecoin, a negative forecast for Coinbase’s profitability for the next 12 months, the dismissal of 1,100 employees, and the demand of employees for the resignation of management.