Coinbase Pausing NFT Creators Drops and Denies Closing Down the Marketplace

Coinbase NFT, the NFT platform of the cryptocurrency exchange Coinbase, has announced that it is halting "creator Drops" temporarily to concentrate on other aspects of the marketplace. The company denied rumors of shutting down the platform and clarified in a tweet, "We are not shutting down the Coinbase NFT marketplace."

The NFT drops feature allowed creators to release collections directly on Coinbase NFT.

Since it was launched in last April, Coinbase NFT has seen a total trading volume of roughly $7.3 million and recent daily volume only at several hundred dollars according to Dune Analytics, while OpenSea recorded $483 million in trading volume in January alone. Surojit Chatterjee, formerly the company’s chief product officer and who reportedly was responsible for launching Coinbase NFT, also left the company in November.