Coinbase NFTs has revealed that it will be pausing creator drops to focus on integrating features that creators are looking for the most. As absurd as it may seem, the platform is looking for that key element that could help the market take off with users. However, despite the pause, the market insists that it is not closing.
We recently shared that we are pausing Creator Drops in the NFT marketplace to focus on other features and tools that creators have requested.
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 some people within the NFT space baffled. Some wonder why the platform has to pause crashes just to add more features. Why not do both at the same time?
Coinbase NFT seems short-staffed
A widespread belief is that the team is understaffed. Over the past year, Coinbase has engaged in a mass exodus of its staff in an attempt to cut costs. The areas most affected are those that were not doing very well, such as Coinbase NFT.
The spokesperson confirms this speculation, noting that “The Coinbase NFT team realigned their resources to focus on the areas with the greatest impact for their users.”
Among the key figures leaving was Surojit Chatterjee, a product manager, who left six months after the launch of Coinbase NFT. The platform has not been as successful as they had hoped, managing to attract around $7.7 million in all-time total trading volume. By comparison, OpenSea, the leading NFT marketplace, has recorded over $11.3 million in total trading volume over the past 24 hours.
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*All investment/financial opinions expressed by NFT Plazas come from the personal research and experience of our site moderators and are intended for educational purposes only. People are required to fully research any product before making any type 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 world. His work has been published on major websites such as NFT Plazas, usethebitcoin.com, the European Blockchain Convention, and many others. When he’s not thinking about disruptive technologies, Basil is busy exploring the great outdoors.
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