Coinbase NFT Hits Pause
Coinbase NFT disclosed that it is pausing creator drops on its NFT marketplace, but clarified that it is not shutting down the Coinbase NFT marketplace.
🧐 Wait, What?
Coinbase had to make that statement because a couple of hours prior, artist and (former?) Coinbase Partner Jessica Yatrofsky shared that not only was her upcoming "XX Gen" drop no longer going to be on the the Coinbase NFT marketplace, but she had also been "privately informed that the NFT marketplace is shutting down as of February 2023."
❗ Why It Matters
Coinbase, one of the preeminent players in the US crypto industry, has certainly had its fair share of struggles in the past year and its NFT marketplace never really took off. The initial launch was met with a pretty frosty reception, garnering less than a 1,000 transactions in its first week back in April. Not to mention the platform recently clashed with Apple regarding their ability to send NFTs through the Coinbase Wallet iOS platform.
Many hailed the launch of Coinbase NFT as a bullish event, expecting major adoption from such a notable player in cryptocurrencies. Today's news seemingly confirms the opposite.
🧠 Learn More
- Apple Rejects Coinbase Wallet NFT Features
- Coinbase NFT Announces Yatrofsky Collection
- Coinbase NFT Announces New Drop Auction for Creators
- Coinbase NFT Marketplace Stalls Opening Week, But How Much Does It Matter?