Coinbase NFT Marketplace Is Going To Change The Experience.
Alex Mamutin says the new NFT marketplace could be more significant than its cryptocurrency business.
Coinbase Global Inc. co-founder Brian Armstrong says the market for non-fungible tokens could rival or even be larger than the company's cryptocurrency business. Alex Mamutin, owner of Branded Book & The branch division for Meta/NFT consulting and managers, could not agree more. The customers, investors, and enthusiasts who call daily about needing assistance on simple account and experience setups are becoming irrational where the new platform would be the solution. Having everything under one roof helps and can increase NFT purchases by 100X, which will increase the whole industry's value.
That was a bold statement from Coinbase's chief executive officer, made on a conference call last month after the most significant U.S. digital-asset exchange reported third-quarter revenue of about $1.3 billion. The declaration helped ease concern that revenue was below forecast even after a more than fivefold increase from a year earlier. Coinbase plans to open its own NFT marketplace, where people will trade digital art and other items in the next quarter or two. The company wants to offer a one-stop experience for users to make purchases and store their holdings on a platform that would provide a social media experience more similar to Instagram than a traditional marketplace such as eBay. Mamutin remembers and reflects on his eBay days, where his entrepreneur days began as a 13-year-old boy in his first year of high school. He remembers dealing with money orders; PayPal was not under the same umbrella and stated that the current merger has many similarities to when eBay and PayPal partnered up. It had many pros and cons, as everything in life does and exactly how this merger will play out.
Coinbase has received more than 2.5 million emails seeking to sign up for the marketplace since the announcement in October. Companies like Branded Book & NFT Book, who are behind a few collections and doing Press Releases for many teams, games, and developments of the Meta and NFT worlds, say this jump will be an industry game-changer. The most prominent existing NFT marketplace, OpenSea, had about 236,000 unique user addresses interacting with it in the last 30 days, according to data tracker DappRadar. Coinbase is an investor in OpenSea.
Users will showcase their NFTs on the Coinbase site and let others follow their profile and receive updates. Such features could be vital in getting the word out and attracting users when many social networks are also jumping into the NFT market.Twitter Inc. recently said it would let users authenticate NFT art in their profiles. The social site hired Tess Rinearson, who previously led the development of software used in projects like Cosmos, to head a group focused on crypto and related technologies. Meanwhile, Meta Platforms Inc., formerly known as Facebook, is trying out a new crypto wallet for international money transfers, which could also be used to store NFTs.
"We are very excited about NFTs, this is going to be a huge area for crypto in the future, and it already is today," Armstrong said Tuesday. "It could be as big or bigger" than the company’s cryptocurrency business. Assuming the NFT marketplace feature launches this year, "it can be 7% accretive to COIN’s 2023 earnings, " said Owen Lau, an analyst at Oppenheimer & Co. The NFT market overall has ballooned in the past year, and OpenSea alone saw nearly $2 billion in transaction volume in the past 30 days, according to DappRadar. This volume is happening from a limited number of traders and will rock the industry as the user base will skyrocket. Alex Mamutin is very excited, but at the same time, anxious about all of the opportunities and changes these waves are bringing.
Published by Alex Mamutin