Coinbase NFT, the non-fungible token platform and a subsidiary of the American publicly traded crypto exchange, Coinbase, has refuted shuttering down rumors currently circulating within the crypto community, maintaining that its just a pause in creator drops.

Coinbase Rumored To Shut down Its NFT Marketplace

In a February 1 blog post, Coinbase NFT shared its plan to pause all creator drops on its marketplace to focus on other futures and tools that will improve its functionality. Coinbase NFT marketplace wrote:

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

The rumors claiming Coinbase was reportedly shuttering down its non-fungible token operations began spreading this Wednesday afternoon after Jessica Yatrofsky said that she had been “privately informed that [the] Coinbase marketplace was shutting down as of February 2023.

Jessica Yatrofsky is a renowned digital assets artist and Coinbase NFT Marketplace partner. The popular digital artist anticipated launching her highly-awaited NFT project dubbed “XX Gen” on the Coinbase marketplace before the end of this month.

Coinbase NFT has quickly responded to the rapidly spreading rumors, confirming that it’s indeed pausing all creator drops to focus on other improvements. However, it has maintained that it’s not shuttering the NFT marketplace.

Coinbase’ NFT Push Amid The Bear Market

Coinbase continues showcasing strong resilience despite brutally suffering from the recent prolonged crypto winter, which has left many businesses in huge losses. Last month, the bear market pushed Coinbase to lay off another 950 members of its staff.

In that context, many industry experts believe the staff shortage has possibly pushed the recent pause in creator drops in the marketplace. Meanwhile, the Coinbase NFT marketplace is healthy and operational.

Earlier this week, Coinbase even launched a new NFT feature allowing users to protect themselves from potential scam attacks. The NFT feature detects and eliminates suspicious, malicious, and fraudulent transactions.

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