Coinbase NFT, the cryptocurrency exchange’s newly launched NFT marketplace, is so far failing to attract users.

On its first day, the marketplace, which opened its beta up to the public yesterday, saw less than 150 new users sign up for its platform, according to data from Dune Analytics. That brought the total number of users on Coinbase NFT to 1,112 as of Wednesday evening. At the moment, the marketplace has 1,192 total users.

Coinbase NFT also only saw 150 transactions in its first day open to the public, per Dune, which amounted to about $75,000 of Ethereum (ETH) traded. That’s less than the price of one Bored Ape.

NFTs are unique tokens, largely on Ethereum, that are used to demonstrate ownership over digital items, such as art, video game items, or other assets. The market for NFTs ballooned to more than $20 billion in 2021 and is on pace to far exceed that figure by the end of 2022.

Right now, OpenSea is far and away the biggest NFT trading platform in the market, generating billions of dollars worth of trading volume every month. The leading NFT marketplace saw $177.2 million of ETH traded on its platform yesterday, and it has amassed over 1.65 million total users since launching, according to Dune data.

Why aren’t NFT collectors rushing to sign up and trade on Coinbase NFT? Well, there are a number of possible reasons. For one, there’s already lots of competition, with LooksRare, Rarible, Foundation, NiftyGateway, and SuperRare filling…

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