The launch of Coinbase NFT marketplace went unremarkable with only 150 transactions

The newly launched Coinbase NFT marketplace recorded 150 transactions on its first public day, which is equivalent to $75,000 in ETH, according to Dune Analytics.

One of the largest crypto exchanges Coinbase launched its beta NFT marketplace on May 4 after nearly seven months of anticipation since it announced the waitlist for its platforms. More than 8.4 million email addresses registered for the waitlist before the marketplace entered the beta testing stage on April 20, letting only exclusive individuals create profiles.

However, on its first public day, the marketplace attracted less than 150 users, and according to Dune Analytics, only about 1,200 users have transacted on the marketplace as of May 5.

There are a number of reasons why users aren’t rushing to trade on the Coinbase marketplace. Some analysts mention that it took too long for the platform to go live, while other competing market places like OpenSea, LooksRare, Rarible, NiftyGateway, and others are on the go and list popular collections.

In addition, Coinbase doesn’t offer any significant benefits to break down the tough competition. The platform only promised no trading fees for a limited time, but users still need to have self custody wallets and pay gas fees. For instance, Kraken has recently announced the waitlist for its NFT Marketplace, which will offer zero gas fees.

The timing might also be one of the reasons for such a poor start, as crypto market remains in the decline, with major coins trading constantly in red throughout the last month. NFT sales are also on decline vs. the January roughly $5 billion in monthly sales.