Coinbase CEO

After announcing plans to launch its own NFT platform almost a month ago in mid-October, Coinbase has received a vast amount of support from the crypto-community. In the same month, Coinbase allowed users to sign up to a waitlist to get the opportunity to access their NFT marketplace before it was made available to the public. This waitlist accumulated over 1 million signups within just a few days and totalling over 2.5 million emails that have signed up for the waitlist at time of writing.

Coinbase’s verified users totals 68 million, so 2.5 million is only a small fraction of their total user base, and of that 68 million, there are only on average 8.8 million monthly active users as of the second quarter of 2021.

What’s astonishing is the activity when compared to the well-established NFT marketplace OpenSea. OpenSea is currently the largest NFT marketplace in the world and in the past 30 days it has processed over $1.7 billion worth of transactions. This $1.7b came from the interactions of over 230,000 users, less than 10% of the 2.5 million users that have so far signed up for Coinbase’s NFT waitlist.

This enormous disparity, paired with the number of active Coinbase users that haven’t signed up for the waitlist indicates that OpenSea could soon find itself struggling to hold the top spot in the NFT marketplace as users flock to Coinbase NFT instead. This is all obviously just conjecture based on numbers, but number don’t lie, and the potential is there for OpenSea to be blown out of the proverbial water. If it does, it will be interesting to see how it plans to bounce back, and what advancements it might make to its platform to keep users engaged and active.

I don’t know about you, but I’ve signed the Coinbase waitlist, and I’m eager to see this new marketplace first hand, I’ll virtually camp outside in a virtual tent if I have to!