Coinbase, a prominent crypto exchange, also runs a marketplace for non-fungible tokens (NFTs). On Wednesday, Coinbase NFT declared that the platform is halting future drops of NFTs. However, it clarified that the marketplace is not completely closing. On its official Twitter channel, the company noted that they are terminating creator drops on the NFT marketplace of the firm.
Coinbase NFT Terminates Creator Drops, Says Marketplace Is Still Operating
This move is being taken to pay attention to the rest of the tools and features that the creator community has demanded, according to Coinbase NFT. A spokesperson from Coinbase stated that eventually the respective modifications will bring enhanced efficiency and focus to the ability of the team of developers at Coinbase NFT. As per the spokesperson, they will be able to construct a persistent product to serve the community most finely in a long term.
The spokesperson mentioned that the platform’s target has not altered and that Coinbase NFT is still hopeful that the company will keep on developing in the coming days. It is yet ambiguous why precisely has the creators been stopped by Coinbase NFT to release other features. A possible cause at the back might be dealing with the platform’s shortage of employees. Similar to many other entities in the crypto world, Coinbase has kept on cutting its staff during the previous year.
During the previous month, the company declared that it was decreasing the number of employees by nearly 950 people. The platform mentioned that it was not able to carry out creator drops as well as the latest features in parallel. In this way, the developer team of Coinbase NFT readjusted its resources. This was to concentrate on the areas of top impact for the consumers. Surojit Chatterjee (who was the chief product officer at the platform) left the firm only 6 months after the lacklustre launch of Coinbase NFT.
24-Hour Trading Volume of Coinbase Drops to $106
Since the respective launch in 2022’s spring, the platform kept on introducing the latest features for the marketplace while endeavouring to allure more consumers. These new features take into account time-delayed listings, rarity filters, and bulk management instruments. Nonetheless, as per the dashboard of Dune Analytics, the endeavours of the platform have not been very productive as the marketplace has witnessed only $106 in cumulative volume traded during the recent 24 hours.