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.

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Author Bio

Julian Son

NFT analyst

Started out sweating Top Shot queues in Feb 2021. Hoarded Koalas after seeing Gary V bought the #1 rarity Koala, then got rugged hard. Now living next to an underpass in Venice Beach. Loves most sports, except cricket. Hates snakes, SBF, and the IRS.

Disclaimer: The author or members of the Lucky Trader staff may own NFTs discussed in this post. Furthermore, the information contained on this website or the Lucky Trader mobile application is not intended as, and shall not be understood or construed as financial advice. AI may have assisted in the creation of this content.