Coinbase NFT Collection Drops Pauses – Denies Rumors On Marketplace Shutdown

Sophia Cruz•Friday, February 3, 2023•1 min read

On Wednesday, Coinbase NFT has announced that they are halting any upcoming NFT drops to focus on other features and tools. Rumors are now circulating in the community that Coinbase’marketplace is shutting down but according to the Coinbase NFT team, they are not.

The Coinbase NFT team believes that pausing future NFT drops will bring more focus and efficiency to what needs to be done on its features as the NFT creators have been requesting it for quite some time. The question is, why pause it?

The reason is unclear but it could be due to Coinbase being understaffed as they have been laying off employees over the past year. In fact, Coinbase had to let go of another 950 of its staff last month.

In addition to how Coinbase is doing, it seems that Coinbase failed to hit its predicted annual revenue of $1.2 billion as it only gathered an all-time trading volume amounting to $7.3 million since its launch last year. In December, Coinbase cut ties with Apple after arguing about the 30% commission that Apple asks to facilitate trade which Coinbase can’t agree about. Coinbase has then disabled NFT trading on iOS devices.

Since then, Coinbase’s NFT marketplace continue to draw criticism from the community due to the low number of its user base.

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ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.