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Coinbase NFT has revealed that it will pause creator drops to focus on integrating features that creators seek more. As absurd as that might sound, the platform is looking for that key element that might help the marketplace take off with users. However, despite the pause, the marketplace insists it is not shutting down.
We recently shared that we are pausing creator Drops on the NFT marketplace to focus on other features and tools that creators have asked for.
To be clear: We are not shutting down the Coinbase NFT marketplace.
— Coinbase NFT (@Coinbase_NFT) February 1, 2023
The platform’s mission remains unchanged, and the team is optimistic about the future as it continues to build. Interestingly, the announcement has a few individuals within the NFT space baffled. Some are wondering why the platform has to pause drops only to add more features. Why not do both simultaneously?
Coinbase NFT Appears Short On Staff
One widely held belief is that the team is understaffed. Over the past year, Coinbase has engaged in a mass exodus of its staff in a bid to cut costs. The most impacted areas are those that were not performing very well, like Coinbase NFT.
The spokesperson confirms this speculation, noting that “the Coinbase NFT team realigned its resources to focus on the areas with the highest impact for its users.”
Among the key figures to leave was Surojit Chatterjee, the Chief Product Officer, who left six months after the launch of Coinbase NFT. The platform has not been as successful as they had hoped, managing to attract about $7.7 million in all-time total volume traded. In comparison, OpenSea, the leading NFT marketplace, has seen over $11.3 million in total volume trade over the past 24 hours.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the globe. His work has been published on top websites such as NFT Plazas, usethebitcoin.com, European Blockchain Convention, and many others. When not thinking about disruptive technologies, Basil is busy exploring the outdoors.
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