It's been just over a week since American cryptocurrency giant Coinbase launched its long-awaited NFT platform in beta. However, since its launch day on April 20, the platform has lagged far behind its rivals in terms of volume and sales.
According to data from Dune Analytics, Coinbase's NFT market has only had 930 total transactions since its launch. The platform is powered by 0x Project, which also provides analytics data.
Lagging behind its rivals
Data shows that April 28 was its highest day for transaction volume, which was just over $ 100.000 for the period. By comparison, rival and world-leading NFT platform OpenSea posted $ 107 million in daily sales yesterday, according to Dune.
The total volume traded on Coinbase's NFT market to date is $ 311.108, or 105 ETH. This is less than what is traded on OpenSea every five minutes.
Other stats equally lack luster for Coinbase, including the total number of unique buyers which totaled just 477. This is surprising since the site was inundated with registrations such as millions of users who signed up for access when it was announced. . It has had less than a hundred new users signing up for the service per day since it started last week.
However, the low usage statistics are likely a result of the company only giving access to a small number of the 3 million waitlisted users.
There were also only 288 NFT vendors using the platform in the past week. By comparison, OpenSea has had around 460.000 active merchants so far this month.
The hottest collection on Coinbase NFT is Moonbirds, surpassing the very popular Bored Ape Yacht Club (BAYC) collection.
Coinbase shares (Nasdaq shares - ticker COIN) fell to an all-time low of $ 115 on Thursday, according to FXEmpire.
Perspectives of the NFT market
The NFT market analysis platform Cryptoslam also reports that Moonbirds is currently the most popular collection in the NFT scene. There was $ 88 million in seven days of secondary sales volume for the collection.
The Mutant Ape Yacht Club is in second place with $ 85 million in weekly sales, and its sister collection, BAYC, saw $ 71 million in seven days of sales.
