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Can Bill Murray Save Coinbase NFT?

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Yellow Star

Not great news for Coinbase, the non-fungible tokenization platform, Coinbase NFT, recently.

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Yellow Star

Non-fungible tokens (NFTs) are digital assets on a blockchain that are often represented by images.

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Yellow Star

Coinbase has just sold $2.95 million worth of NFTs on its platform since its launch on April 20. This is a modest amount compared to the $6 billion traded on the NFT marketplace OpenSea.

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To make matters worse, NFT trading volume for NFTs on the Ethereum blockchain is down around 75% in dollar terms since mid-April.

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Today, Bill Murray will issue or leave 1,000 NFTs in a collection created with CHIVE and branding agency Project Venkman.

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What will you do if NFTs are in decline and Coinbase can't participate? How to call actor Bill Murray and the culture and image website theCHIVE?

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In general, the idea is to bring celebrity exposure to Coinbase NFTs. But the challenge is that today buyers of NFTs are probably already used to trading on one of the existing platforms.

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Maybe it was just bad timing, but Coinbase NFT launched at a time when NFT sales were falling like a rock.

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It is impossible to know exactly what caused the poor launch of Coinbase NFT, but it is safe to say that it is not gaining market share today. Can celebrities change that? I'm not so sure.

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