March 28, 2024

Coinbase NFT Launches New Features to Engage Users

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Coinbase NFT Launches New Features to Engage Users

Despite the collapse of the cryptocurrency markets, the Coinbase exchange intends to develop its platform for trading non-fungible tokens (NFTs) and is launchingNew features to attract users.

New features include the ability to change the prices of digital items in real time, the centernotifications, and the "Likes" and "Bulk Manage" tabs have been added.In addition, rarity filters and the ability to connect up to ten cryptocurrency wallets to one account have appeared on the site.

According to Dune Analytics, since the launch of Coinbase NFT two months ago, only 8,202 users have registered on the platform.As of July 2, they had made only about 21,000 transactions.The total trading volume was 1,468 ETH (about $3 million).For comparison, last Thursday alone, the trading volume on the OpenSea platform amounted to $15.6 million.

Despite the unimpressive numbers and the coming crypto winter, Coinbase, apparently, intends to continue developing the platform.Now the exchange is focused on creating a full-fledged resource that can meet the needs of the expanding market, and the company will monetize it later.Coinbase allocates less than 10% of its budget to the development of the platform.

"We don't focus solely on the number and volume of transactions.We are now in the early stage of beta testing and want to make our platform more focused on social functions," a Coinbase spokesperson said.

Earlier, the exchange was hit with accusations that it was selling the data of its users to the US Immigration and Customs Enforcement (ICE). The company has categorically denied these allegations.