Coinbase clarifies Drops halt, says NFT Marketplace will operate as usual

Coinbase has published a tweet through its official Twitter handle to clarify an issue that has been circulating within the community. According to the clarification, Coinbase is merely pausing Creator Drops for a while to focus on other features and tools. This does not mean that the platform is shutting down the NFT marketplace.

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

Features and tools being worked on by Coinbase are those that the community has been asking for for a long time. Specifics have yet to be shared; however, some members speculate that support for more listings and partners will be added, enabling the community to have a broader scope for the operations.

The clarification comes after Non-Refungible Network, a community dedicated to Metaverse, informed everyone that it will no longer be releasing XX Gen on Coinbase. XX Gen is the official drop of Non-Refungible Network, which was slated for release in the coming days.

As per the claim, Coinbase has informed the network privately that it will shut down the NFT Marketplace in February 2023. The network has stated that instead of informing other partners, it will now release the drop on its platform, NiftyKity. The team has urged everyone to spread the word about the drop and the proprietary NFT platform.

Non-Refungible Network has alleged that the team was not notified in advance.

Following the allegation and the clarification, one can see the entire community is split into two sides. It is difficult to claim, or even judge, which side has the maximum support as the matter is still being discussed. Some members have expressed their trust by calling Coinbase NFT Marketplace a trusted brand, while others believe that it will use the word “pause” more often to hide the fact that it has indeed shut down the marketplace.

Given that the NFT Marketplace is backed by a brand that is continually advancing through the development of Coinbase exchange, a portion of individuals are optimistic about its future. A few people believe that support for Algorand will be disclosed shortly after Coinbase lifts its halt.

Founded in 2012, Coinbase is riding high on the popularity that it has gained over the past decade. With more than 3,000 cryptocurrencies listed on the platform and over 150 trading pairs available, Coinbase takes pride in conducting its operations in regions where it is regulated and licensed.

Coinbase has more than 56 million verified users, the majority of whom regularly buy and sell digital currency on the platform.

After the clarification, a reply from Non-Refungible Network is yet to see the light. Coinbase has, meanwhile, assured everyone that it remains optimistic about the future and looks forward to exploring more opportunities to work with creators.

At the time this article was written, there had been no changes to the NFT market. Awaiting additional information on Coinbase’s features and tools.