Coinbase Global Inc.’s new non-fungible token market is now officially open to everyone, and it’s off to a very slow start.
After letting in a select number of users from its waiting list in recent weeks, the largest cryptocurrency exchange in the US opened the market to everyone starting at noon Wednesday New York time. The site, which Coinbase says is still in testing, had fewer than 110 transactions as of 5:15 p.m. m., representing less than $60,000 in sales, according to tracker Dune Analytics. That compares to $124 million in transaction volume for the #1 NFT marketplace. 1 OpenSea on May 3, the most recent day available, according to Dune.
The result is not the madness some on Wall Street expected after Coinbase’s NFT project drew several million signups to its waiting list when it first announced the market last fall. The new site is part of Coinbase’s efforts to diversify its revenue and fuel growth, which is expected to turn negative this year.
“I think other people raised expectations,” Sasha Fleyshman, a portfolio manager at digital asset manager Arca, said in an interview. “I have spoken with your team, they understand very well that they are entering a new space, there will be iterations. But it will be slow. OpenSea is going to be the leader for quite some time.”
Coinbase declined to share any of its own activity numbers or comment further.