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Will the Coinbase NFT market put OpenSea out of business?

With non-fungible tokens or NFTs causing a stir in the market, Coinbase, a major cryptocurrency exchange, swung into action. While major platforms across the world were making big purchases, the cryptocurrency exchange aimed to launch an NFT marketplace.

Coinbase confirmed the opening of the next market in October 2021. The platform did not provide information on when it would be available. However, immediately after the announcement, it created a waitlist and shared it with the community. Now, the yet-to-be-released app has amassed a staggering 3.7 million waitlist subscriptions.

This interest in the next market has created quite a stir and is expected to dethrone existing NFT platforms such as OpenSea and LooksRare.

The latest data reveals how OpenSea hasn’t gotten even half the interaction that Coinbase’s yet-to-be-launched NFT market has in just a few months.

Source – Dune Analytics

According to the above graphic, OpenSea users who engaged in at least one transaction were at 1,323,454 as of today. This was surprisingly shorter than Coinbase’s waiting list. Despite being the biggest NFT marketplace, OpenSea could be toppled by Coinbase’s upcoming platform.

Additionally, the cryptocurrency exchange has partnered with payment giant Mastercard. This will facilitate the process of purchasing NFTs, which would be an added advantage for the company.

Does Coinbase already have the upper hand?

OpenSea is drowning in troubled waters. From hacks and attacks to lawsuits, the biggest NFT platform has seen it all in the last couple of months. Earlier today, it was revealed that an OpenSea user slapped the platform with a $1 million lawsuit for stolen funds.

All this seems to be worrying for OpenSea users. While this may not be the only cause, the daily volume of Ethereum and Polygon on the NFT platform has dropped dramatically since January.

Source – Dune Analytics

Coinbase already has a significant presence in the cryptocurrency industry. OpenSea’s inadequacies could further undermine your chances of dominating the NFT arena in the future.

About the author


I am CBC, I am a Crypto expert and a part-time blogger. I usually write about how and where to buy crypto coins in legit ways.

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