Coinbase (NASDAQ:COIN) is already one of the top exchanges in the world. It handles billions of dollars in crypto transactions every day and is surpassed only by Binance (BNB-USD) in terms of size. Moreover, the company has been a landmark for crypto’s bridge to Wall Street as the first publicly traded exchange stock. While the company is spreading its influence, it is looking for new ways to shake up the blockchain space. One of the most highly anticipated ways Coinbase is doing this is through Coinbase NFT, the incoming non-fungible token (NFT) marketplace. And as the full launch of the market inches closer, could it mean a rise for COIN stock?
It has been just over a year since COIN stock’s initial public offering (IPO) on Wall Street. The event marked a major milestone for crypto; the listing gives some real investing legitimacy to a class of assets dismissed by many as purely speculative and akin to gambling. As such, Coinbase saw a massive surge in publicity.
As Coinbase became the poster child exchange in the U.S., the company began to rapidly expand its offerings. The number of cryptos one can buy on the platform has grown massively in the last year. At the time of the IPO, the exchange offered less than 60 cryptos to trade. Now, that number stands at 170. Not to mention, it will be vastly expanding its fleet of coins still in the months to come.
The expansion also saw Coinbase trying things that were outside of its wheelhouse as an exchange; the company broke recent news that its new media production subsidiary will be producing a movie trilogy using Yuga Labs’ Bored Ape Yacht Club NFT collection.
Coinbase NFT Brings a Social Approach to NFT Marketplaces
In continuing this expansion, Coinbase has sought to enter the NFT industry as a marketplace. Given its success as a crypto exchange, it only makes sense that a company like it could dominate the NFT market as well. Thus, Coinbase NFT has been one of the more hotly anticipated projects on Coinbase’s road map.
Coinbase NFT isn’t simply a platform where one will be able to buy and sell digital art and metaverse gear. Rather, Coinbase is looking to do things in a more social media-oriented fashion. By organizing one’s tokens in a feed, users can follow each other, upvote and downvote posts and comment on NFTs. In addition to allowing users to curate their own profiles, the platform will also curate “for you” content tailored to each user’s tastes and habits.
Announced back in October of 2021, the Coinbase NFT platform has a lengthy list of users on its waitlist already. Today, these users will get the best look yet at what the final product will be like, as Coinbase is launching the beta platform. Will the platform be able to challenge dominant platforms like OpenSea, Rarible or Nifty Gateway? Three million waitlisted users seem to think so. In the meantime, we’ll have to take the word of the few lucky users who are being given access to the platform today.
On the date of publication, Brenden Rearick did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
