Coinbase NFT Pauses New Collection Drops, Denies Shuttering Marketplace

Within the wake of a rumored shutdown, Coinbase NFT, the non-fungible token (NFT) platform of crypto change Coinbase, mentioned Wednesday that it’s pausing “creator Drops” to focus its efforts on different aspects of its market.

“We not too long ago shared that we’re pausing creator Drops on the NFT market to concentrate on different options and instruments that creators have requested for,” Coinbase NFT confirmed in a tweet. “To be clear: We’re not shutting down the Coinbase NFT market.”

On Wednesday afternoon, Coinbase NFT associate Jessica Yatrofsky mentioned her upcoming NFT assortment would now not drop on Coinbase NFT, saying she had been “privately knowledgeable that [the] market was shutting down.”

Coinbase NFT rapidly responded to the rumors, stating that they’re certainly pausing drops to concentrate on enhancements, however they don’t seem to be shuttering the NFT market.

Coinbase’s NFT drops function allowed creators to launch collections instantly on {the marketplace}, fairly than serving as a secondary market equivalent to main NFT platform OpenSea. In keeping with knowledge from Dune Analytics, Coinbase NFT’s all-time buying and selling quantity is 4,454 ETH, practically $7 million. Within the month of January alone, OpenSea raked in a 306,645 ETH buying and selling quantity, about $483 million.