Following reports of a closure, Coinbase NFT, the non-fungible token (NFT) platform of the cryptocurrency exchange Coinbase, announced on Wednesday that it is stopping “creator Drops” in order to concentrate its efforts on other aspects of the market.
Coinbase NFT announced in a tweet that they are not shutting down the Coinbase NFT marketplace, to be clear.
Jessica Yatrofsky, a Coinbase NFT partner, announced on Wednesday afternoon that her upcoming NFT collection would no longer be available on Coinbase NFT. She claimed to have been privately notified that [the] marketplace was going down.
In a prompt response to the rumors, Coinbase NFT said that while it is stopping drops to concentrate on enhancements, the NFT marketplace will not be shut down.
Instead of acting as a secondary market like the top NFT site OpenSea, Coinbase’s NFT drops feature allowed authors to publish collections directly on the marketplace. The total trading volume on Coinbase NFT throughout time is 4,454 ether (ETH), or about $7 million, according to statistics. OpenSea generated 306,645 ETH in trade volume, or nearly $483 million, in only the month of January.
