Hopeful BTC investors banking on a bull run may want to read this because…
APE’s momentum slows down and a pullback looked likely — but what can follow?
TRON ranks second in TVL, but this is where the network’s dominance is faltering
Cardano: Can ADA break past this level to give the bulls a much-needed leverage?
Hold on, Solana is not dead just yet — this negates everything you know
Hopeful BTC investors banking on a bull run may want to read this because…
BTC pushes toward the highs of a two-month range, will the bulls be repelled?
BTC’s price could move in either direction and this is the rationale behind it
Jefferies Group downgrades this BTC miner due to construction delays; Details inside…
Decoding current state of Bitcoin amid the decline in number of large transactions
GALA: The rally in price is enticing, but there is more than meets the eye
Ethereum bulls remain euphoric but bears will look to erase all the recent gains
Why Polygon could play a key role in mass blockchain adoption despite MATIC’s…
Is Yuga Labs responsible for these changes in the NFT landscape? Details inside…
Attention LDO holders! Now might be the time to rethink your trading strategy
Published
on
By
Since its debut in May 2022, Coinbase‘s NFT marketplace has struggled. This was partly due to a lingering decline in interest in profile picture NFTs from the start of the 2022 bear market and difficulty in gaining traction.
Are your Coinbase holdings flashing green? Check the Profit Calculator
Coinbase, a leading centralized cryptocurrency exchange, announced its NFT marketplace with plans to introduce this new offering to its pre-existing user base. Prior to the launch, the marketplace garnered significant attention, with over two million people signing up for the waiting list.
Despite the initial excitement, the NFT marketplace has yet to live up to expectations, primarily due to the severe economic downturn in the last year and the consequential decline in the cryptocurrency market.
According to Dune Analytics, since its launch eight months ago, Coinbase NFT marketplace has recorded 50,421 NFT sales transactions. The platform saw its daily NFT sales peak at 1021 on 6 June 2022, but it has seen a drastic decrease since. As of 10 January, the marketplace recorded only 11 NFT sales transactions.
Source: Dune Analytics
With 50,421 NFT sales transactions processed since launch, Coinbase NFT marketplace has recorded a total sales volume of $7.27 million. This figure is considered underwhelming compared to Uniswap’s NFT marketplace aggregator, which was launched recently.
Yet, it recorded a sales volume of $4.49 million in just three months of operation. Additionally, in the last 24 hours, sales volume on Coinbase NFT marketplace totaled $319.
The Ethereum-based NFT marketplace saw its highest daily sales volume of 447 ETH on 8 September 2022. However, as of 10 January, this stood at zero, data from Dune Analytics revealed.
Source: Dune Analytics
So far in 2023, there has been a surge in trading activity in the NFT vertical of the crypto world, data from NFTGo revealed.
First, Blue Chip NFTs suffered a decline in value during the 2022 trading year as they closed the year at a Blue Chip index of 9,248 ETH.
Blue Chip NFTs are a subcategory of the NFT market that are perceived to be of high quality and value, such as Bored Ape Yacht Club [BAYC], Mutant Ape Yacht Club [MAYC], Crypto Punks, and Meebits.
The Blue Chip Index, calculated by NFTGo, tracks the performance of these collections by considering their market capitalization.
Sentiments towards this digital asset category have been significantly positive this year. Per data from NFTGo, Blue Chip Index has risen by 5% since the beginning of the year.
Source: NFTGo
As for the general NFT market, total market capitalization went up by 3%, and sales volume grew by 35% as well.
Source: NFTGo
Binance Coin bulls encountered resistance at $282, will a rejection follow?
Thai SEC probes crypto exchange Zipmex ahead of its acquisition
Abiodun is a full-time journalist working with AMBCrypto. He is also a lawyer with over 2 years of experience. With a keen interest in blockchain technology and its limitless possibilities, Abiodun spends his time understanding the technology, building projects, and educating people about it.
Magic Eden falls victim to exploit: Here’s why your NFTs are safe
Blue-Chip NFTs fell in value, but this Ape proved its mettle in the final days of 2022
Could the NFT market be in pole position for a Q1 2023 revival?
NFT marketplace status check ahead of 2023- Is NFT season making a comeback
China to launch its national NFT marketplace in the new year
Is Solana at the brink of a downfall? This final nail in SOL’s coffin could spell harm
Your email address will not be published.
document.getElementById( “ak_js_1” ).setAttribute( “value”, ( new Date() ).getTime() );
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.
