Bill Murray NFT Debuts On Coinbase NFT Platform
- Bill Murray NFT collection on the Coinbase NFT platform has been completely sold out
- The Coinbase NFT platform has been facing criticism due to lack of trading volume
American actor and comedian Bill Murray released a non-fungible token (NFT) collection on Coinbase’s NFT platform, Coinbase NFT.
The NFT collection, which consists of 1,000 NFTs, has 100 story NFTs each with 10 color modifications for each picture. It is created with theCHIVE and e-commerce engagement solutions platform Project Venkman.
Moreover, the NFT drop is auctioned off with one physical painting and claims to offer “once-in-a-lifetime experiences with the man, the myth, and the legend.”
Notably, the NFT drop by Bill Murray is one of the four upcoming releases on the Coinbase NFT. One of the remaining three NFT collections, which is gaining traction all over social media, is by NBA star Damian Lillard, known as Big Game Dame, and features graphic designer Jeff Staple. Additionally, a “Historical Figures” collection is also coming soon, which includes Queen Victoria, and Athena, among others.
Mostly, these NFTs are aimed at bringing celebrity exposure to the Coinbase NFT platform. However, the regular NFT fans and holders are already existing and trading in the existing NFT platforms like OpenSea, and shifting from NFT giants to Coinbase NFT doesn’t feel easy.
Moreover, there has been a string of bad news for Coinbase and its NFT platforms. On one hand, where BitcoinWisdom reported the rumors spreading regarding the liquidity problem on the exchange due to heavy stablecoin outflow, the NFT platform is also not witnessing any great signs of progress.
As per the data by Dune Analytics, the exchange has sold out NFTs worth merely $2.95 million on its NFT platform since its launch in April. This is meager in comparison to leading NFT marketplace, OpenSea, which traded NFTs worth $6 billion in the same period of time.
Coinbase NFT debuted at a time when NFT sales were declining amid adverse market conditions; perhaps this was just bad timing. The volume of OpenSea has decreased by nearly 75% since mid-May. On the other hand, the Coinbase NFT platform hasn’t become mature enough to capture more than 1% of transaction volume for more than a day or two.
Interestingly, to act as a catalyst in such a situation, the trading volume on the Ethereum blockchain has decreased by nearly 75% in dollar terms.
It is easy to observe the struggles of the exchange from its Q1 2022 earnings report released in May. Coinbase reported its first net loss of $430 million as a company.
A crypto journalist with over 3 years of experience in DeFi, NFT, metaverse, etc. Parth has worked with major media outlets in the crypto and finance world and has gained experience and expertise in crypto culture after surviving bear and bull markets over the years.
