Coinbase's new NFT marketplace hasn't had more than 200 transactions in a day since its public launch

Coinbase is a big name in the crypto exchange world, enjoying the highest trading volume in the United States. The company decided to enter the NFT trading space, first releasing an NFT marketplace to a small group of beta users, then opening it to the public on April 20.

Although the company claimed to have 3 million users on its waitlist, the public marketplace release has gone shockingly poorly given Coinbase's existing reputation. The platform has yet to see more than 200 transactions in a given day (compared to OpenSea, which regularly sees more than 100,000 transactions a day, or its smaller competitor LooksRare which sees more than 1,000 daily). Furthermore, the platform has only broken $50,000 in volume traded on five of the days it's been publicly available, with some days seeing only a few thousand dollars traded. OpenSea has been doing over $150 million in daily volume in that same time frame, and LooksRare around $100 million (though it should be noted that the prevalence of wash trading, particularly on LooksRare, makes these numbers hard to evaluate).