CoinbaseNFT’s business restructuring plan, former CPO to leave the company

Business restructuring of CoinbaseNFT

It was revealed on the 2nd that some functions of the electronic market for NFT (non-fungible token) “CoinbaseNFT” of the US major crypto asset (virtual currency) exchange Coinbase will be suspended in the course of business restructuring.

According to the overseas media Decrypt, based on an interview with Coinbase, CoinbaseNFT plans to stop the service “Creator Drop” that releases new projects. On the other hand, CoinbaseNFT has indicated that it will continue and focus resources on necessary functions.

Creator Drop is the primary market for NFTs. “We are pausing Creator Drops to focus on other features and tools that creators want,” said CoinbaseNFT’s official Twitter account. The company also tells Decrypto, “Our mission remains the same and we are optimistic about the future as we continue to build.”

We recently shared that we are pausing creator Drops on the NFT marketplace to focus on other features and tools that creators have asked for.

To be clear: We are not shutting down the Coinbase NFT marketplace.

— Coinbase NFT (@Coinbase_NFT) February 1, 2023

CoinbaseNFT will launch its service in the spring of 2022. We have continued to release new features such as batch management tools, rarity filters, and delayed listings.

However, according to Dune Analytics, the trading volume in the past 24 hours is 13,612 yen ($106), and even the total trading volume is 940 million yen ($7.34 million), which is a sluggish situation (at the time of writing). For reference, according to DappRader, industry leader OpenSea has traded 1.25 billion yen ($9.8 million) in the last 24 hours.

Source: Dune

Relation:Coinbase NFT Opens Beta Version to All Users

Coinbase staff reduction

Since 2022, when the cryptocurrency market stagnated, Coinbase has implemented large-scale restructuring measures. On January 10, CEO Brian Armstrong announced plans to cut about 950 new jobs, equivalent to 20% of the company as a whole. “Projects with a relatively low chance of success will be terminated,” he said.

Due to the poor performance of Coinbase NFT, Mr. Surojit Chatterjee, who served as CPO (Chief Product Officer), retired on November 30th. His advisory contract is said to expire on February 3. According to information disclosed to the SEC (U.S. Securities and Exchange Commission), Mr. Chatterjee holds 249,315 shares (equivalent to 17 million yen) as stock options on Coinbase shares.

Relation:Coinbase officially announces business review to suspend cryptocurrency trading services in Japan

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