Coinbase NFT halts artist declines as 24-hour trading volume barely hits $100

Monthly NFT transaction volumes, even after crash 97% since their peak in January 2022 – are still in the hundreds of millions of dollars, but not on the platform built by Coinbase, the second largest crypto exchange after Binance. Recent data shows that trading over the past 24 hours on Coinbase NFT rose to $149 after hovering around $108 for much of Thursday.

Perhaps that is why Coinbase NFT announced on Wednesday that it was suspending NFT drops. In a tweet, the company clarified that its suspension of the launch of new NFTs with artists exclusively on Coinbase was not a death knell for the company’s foray into non-fungible tokens, and that it was suspending drops to focus on other “features and tools” in the market demanded by artists.

“We believe that ultimately these changes will bring increased focus and efficiency to the Coinbase NFT team’s ability to create a sustainable product that best serves the community over the long term,” a spokesperson said. of Coinbase said in a statement to Fortune.

The spokesperson did not provide details on the “features and tools” mentioned in its initial announcement or say when NFT declines might resume. Coinbase still provides access to NFTs listed by competitors such as OpenSea, so users can access newly released tokens elsewhere.

Since it was launched in AprilCoinbase NFT recorded a total trading volume of approximately $7.3 million, according to Dune Analytics. In addition to not breaking the $150 mark in the past 24 hours, the site’s seven-day volume was just under $1,500. OpenSea, by comparison, saw more than $10 million in volume on Tuesday alone, by DappRadar.

As the publicly traded Coinbase nears its earnings release in late February, it is grappling with setbacks. (Its stock price, however, followed up.) In January, the company announced that it would remove 25% of its current workforceapproximately 950 employees, who followed further rounds of layoffs in 2022. And he recently reached a $100 million settlement with the New York Department of Financial Services for its alleged failure to adequately protect against money laundering and narcotics trafficking, among other forms of criminal conduct.

Surojit Chatterjee, the company’s former product manager and who was allegedly responsible for launching Coinbase NFT, also said left the company in November.

“Rest assured, our mission for Coinbase NFT has not changed and we remain optimistic about our future as we continue to build,” the company tweeted after its initial announcement.

That hasn’t stopped members of the crypto community on Twitter to sharpen their knives.

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