Coinbase NFT marketplace stops new drops, what’s going on?

Yesterday afternoon there was a fuss about the non fungible token (NFT) marketplace of major US crypto exchange Coinbase. Namely, Coinbase NFT partner Jessica Yatrofsky gave in a tweet announced that her forthcoming NFT collection would no longer appear on the marketplace. She went on to say that she was “privately notified that the marketplace would be closing from February.”

Bitcoin exchange Coinbase responds

Coinbase NFT’s twitter account responded quick to Yatrofsky’s tweet by stating that it is the so-called “creator dropson the marketplace pauses to focus on improvements. Coinbase’s NFT drops feature allowed creators to release collections directly to the marketplace, rather than serving as a secondary marketplace. It is also stated that there will be no closure.

Not much later, Coinbase NFT’s twitter account sent out a tweet with clarification to all followers. It indicates wanting to focus on others features and tools what creators would have asked for.

In addition, followers are reassured that Coinbase NFT’s mission will not change:

Rest assured, our mission for Coinbase NFT has not changed and we remain optimistic about our future as we continue to build. We are excited to find more opportunities to collaborate with creators in the future.”

Coinbase NFT marketplace

In April 2022 you could read in the NFT news that Coinbase’s NFT Marketplace entered the beta test phase. At first it looks a lot like other established platforms like OpenSea, but it also contains some unique ones features. This allows users to communicate with each other and leave comments under messages or collections.

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In addition, each user has their own profile where they can show off their collections, as well as a discover feed where Coinbase makes recommendations based on what you’ve bought before, what’s trending, who you’re following, and more.

According to data from Dune Analytics Coinbase NFT’s total trading volume is 4,454 ether (ETH), which equates to nearly $7.5 million at the current ethereum price.

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