A leading cryptocurrency exchange is set to take on the NFT marketplace and has seen huge interest from its large customer base.
What Happened: Coinbase Global Inc COIN recently announced its planned launch of a marketplace for non-fungible tokens.
The launch has been met with positive reactions, with over 2 million people signing up on the company’s NFT waitlist.
Coinbase Vice President of Product Sanchan Saxena recently shared some details of Coinbase’s NFT launch and its plans in the space.
Related Link: Coinbase Shares Jump On NBA Partnership: What Investors Should Know
Why It’s Important: Coinbase ended the second quarter with 68 million users and 8.8 million monthly transacting users.
OpenSea, the most popular NFT marketplace, has 300,000 users and offers over 34 million NFTs.
Coinbase having 2 million users signed up for its waitlist demonstrates the initial demand and could pose a threat to OpenSea.
Coinbase could also diversify itself from cryptocurrency-related revenue as a marketplace that enjoys commissions from the buying and selling of NFTs.
Coinbase shares are up 23% in the last week, led by news of a NBA partnership, ties to Facebook Inc FB and the continued valuation increase in Bitcoin BTC/USD.
COIN Price Action: COIN shares were trading down 4.43% at $300.76 midday Thursday.
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