On the 2nd of February, Coinbase NFT announced that it is pausing future NFT drops. However, in the announcement, Coinbase NFT claimed that it is not shuttering its NFT marketplace completely. In a statement, the NFT marketplace wrote that they’re pausing creator Drops on the NFT marketplace. Regarding the reason behind this move, the NFT marketplace wrote that they’re doing this to focus on other features and tools that NFT creators have asked for.
According to the 2nd of February report from Decrypt, a spokesperson from Coinbase said that they believe that these changes will bring improved focus and efficiency to the Coinbase NFT team’s capability to make an enduring product that best fits the community in the long term. The spokesperson said that their mission for Coinbase NFT remains unchanged. We remain hopeful about our future as we continue making, the spokesperson added.
However, in today’s announcement, the NFT marketplace hasn’t made it clear why Coinbase NFT has to prevent launches with creators to launch other features. The reason behind this could be a shortage of staff because Coinbase has continued to lay off workers over the past year. Last month, Coinbase claimed that it was laying off around 950 members of its staff. Regarding why it was unable to do creator drops and create new features simultaneously, Coinbase responded that its NFT team realigned its resources to focus on the highest result areas for its users.
Since its launch in the spring of 2022, Coinbase NFT has been releasing new features for its marketplace to attract new users. Some of the new features that Coinbase added to its NFT marketplace are rarity filters, time-delayed listings, and a bulk management tool. However, these all efforts from Coinbase toward its NFT marketplace have not been very fruitful. According to blockchain data from the Dune Analytics dashboard, the NFT marketplace of Coinbase has recorded only $106 in total volume traded over the past day.
