Cryptocurrency exchange platform Coinbase (NASDAQ: COIN) has launched its non-fungible token marketplace six months after it first announced it.
You should know
Coinbase’s stock has been a wreck since going public but started to gain momentum in early October of 2021 when the company announced its plans to launch an NFT marketplace. The stock then went back to plunging & reaching a new record low, as sales growth is expected to turn negative this year.
Coinbase is launching its NFT marketplace with a focus on community. The platform wants users to interact with one another, rather than just buy & sell NFTs. Users would be able to like & comment on each other’s transactions, & follow & chat with other users.
Why this matters
Coinbase is entering a new but crowded market. OpenSea is currently the most popular, but big crypto names such as Binance & FTX have been entering the market. The NFT hype has cooled off recently, with sales on OpenSea down more than 60% in the last 30 days.