Amid rumors swirling on Twitter, the company confirmed it’s temporarily halting drops to focus on “features and tools” for its NFT marketplace.
By Cam Thompson
Feb 2, 2023 at 1:26 a.m.
Updated Feb 2, 2023 at 1:56 a.m.
:format(jpg)/cloudfront-us-east-1.images.arcpublishing.com/coindesk/KGVSW76T6NGQFHAMXZASRASMWI.jpg)
Join the most important conversation in crypto and Web3 taking place in Austin, Texas, April 26-28.
In the wake of a rumored shutdown, Coinbase NFT, the non-fungible token (NFT) platform of crypto exchange Coinbase, said Wednesday that it is pausing “creator Drops” to focus its efforts on other facets of its marketplace.
“We recently shared that we are pausing creator Drops on the NFT marketplace to focus on other features and tools that creators have asked for,” Coinbase NFT confirmed in a tweet. “To be clear: We are not shutting down the Coinbase NFT marketplace.”
On Wednesday afternoon, Coinbase NFT partner Jessica Yatrofsky said her upcoming NFT collection would no longer drop on Coinbase NFT, saying she had been “privately informed that [the] marketplace was shutting down.”
Coinbase NFT quickly responded to the rumors, stating that it is indeed pausing drops to focus on improvements, but it is not shuttering the NFT marketplace.
Coin base’s NFT drops feature allowed creators to release collections directly on the marketplace, rather than serving as a secondary marketplace such as the leading NFT platform OpenSea. According to data from Dune Analytics, Coinbase NFT’s all-time trading volume is 4,454 ether (ETH), or nearly $7 million. In the month of January alone, OpenSea raked in 306,645 ETH in trading volume, about $483 million.
Read more about
Web3CoinbaseNFT
Sign up for State of Crypto, our weekly newsletter examining the intersection of cryptocurrency and government email addressSign Up
By signing up, you will receive emails about CoinDesk product updates, events, and marketing and you agree to our terms of services and privacy policy.
DISCLOSURE
Please note that our privacy policy, terms of use, cookies, and do not sell my personal information have been updated.
The leader in news and information on cryptocurrency, digital assets, and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase the stock outright in DCG.
:format(jpg)/s3.amazonaws.com/arc-authors/coindesk/310878fe-729e-4815-b82e-4c7c8536f6c4.JPG)
Cam Thompson is a news reporter at CoinDesk.
Follow @camgthompson on Twitter
Learn more about Cryptoflings 2023, CoinDesk’s longest-running and most influential event that brings together all sides of crypto, blockchain, and Web3. Head to cryptoflings.com to register and buy your pass now.
