Coinbase NFT Pauses Artist Drops, Focuses on Features and Tools

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• Coinbase NFT has responded to rumors of an imminent shutdown by saying it is “pausing artist drops” to focus on features and tools for creators.
• Coinbase NFT’s seven-day volume is only $1,660 compared to OpenSea’s 24-hour volume on Ethereum of over $13 million.
• Artist Jessica Yatrofsky recently announced her new NFT collection isn’t going to be released on the Coinbase NFT marketplace.

Coinbase NFT, the world’s second-largest centralized crypto exchange, has recently addressed the rumors of its NFT marketplace’s alleged imminent shutdown. On Twitter, Coinbase NFT said that it is not shutting down its NFT marketplace but rather “pausing artist drops” to “focus on other features and tools that creators have asked for.” They reassured their users that their mission for Coinbase NFT hasn’t changed and remain optimistic about their future as they continue building.

The rumors of the shutdown were sparked when artist Jessica Yatrofsky announced on Twitter that her new NFT collection isn’t going to be released on the Coinbase NFT marketplace because it is planning to shut it down sometime in February. This news comes as Coinbase NFT’s seven-day volume is just $1,660 compared to OpenSea’s 24-hour volume on Ethereum of over $13 million.

Coinbase NFT is currently focusing on building more features and tools for creators, such as allowing them to easily create and manage their own NFTs. They are also working on expanding their marketplace by allowing more creators to join and participate in the ecosystem. Additionally, Coinbase NFT is exploring ways to streamline the user experience and make it easier for users to buy and sell NFTs.

Coinbase NFT remains “optimistic about its future” despite the rumors of an imminent shutdown. They are focused on building more features and tools for creators and expanding their marketplace by allowing more creators to join and participate in the ecosystem. They are also exploring ways to streamline the user experience and make it easier for users to buy and sell NFTs. It remains to be seen if Coinbase NFT will be able to successfully navigate the current environment and remain a viable platform for creators.