Coinbase Sees Slow Adoption for NFT Market Test

Coinbase rolled out a beta for its NFT marketplace last week, Coindesk reported Thursday, April 28, and some activity data has been released.

The data, from crypto-analytics firm Dune, showed Coinbase’s marketplace with less than 900 total trades since it opened on April 20. According to statistics, the total trading volume was 73 ETH or $217,000, and there were about 650 users performing transactions.

The data is routed through Ox Project, the report says, which Coinbase selected for the market’s back-end.

The lower usage rates may be due to Coinbase granting only a small portion of its 3 million waiting list to actually gain access to the platform.

Coinbase said in an emailed statement that it is not confirming any user data on the NFT market due to it being in beta.

See also: Wall Street embraces crypto, but will it play catch-up?

PYMNTS wrote that after years of strong opposition, several Wall Street players have begun to become more involved in the sector.

The report notes that Jefferies Financial Group has expanded its banking services for crypto clients, with Goldman Sachs and BlackRock taking more interest in it. BlackRock, in addition to a $400 million investment in Circle, has also formed a partnership with the company to look into the USD Coin capital markets.

Blackrock already manages some of the $50.3 billion in liquidity and cash that backs Circle, and Larry Fisk, its CEO, recently said he expects the company to be the primary manager of those reserves.

Over the past week, several stories have focused on the Goldman Sachs chief meeting with FTX to discuss a potential collaboration, and Morgan Stanley wrote about the crypto becoming mainstream. According to Michael Moro, CEO of digital currency brokerage firm Genesis, this is typical of banks.

“Banks will always try to catch up,” he said in the report. “Crypto is going to evolve much faster than banks. Pretty much every bank in the world has some sort of crypto and blockchain task force.



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