Coinbase (COIN) finally launched the beta version of its NFT marketplace to a select number of testers.
The marketplace plans to add a social feature that will allow users to upvote or downvote NFTs to create a feed for users, combining features of Instagram (MVRS) – Get Meta Report and its largest competitor OpenSea.
Amid waning interest in NFTs given recent search volumes, was the move too late?
Ross Mac of Maconomics broke down what the launch could mean for Coinbase (COIN) in the latest episode of the Crypto Minute on TheStreet.
FULL VIDEO TRANSCRIPT BELOW:
We have news on the next possible big NFT marketplace.
It’s your boy Ross Mac and this is what cryptocurrency investors are watching on Thursday, April 21.
Yup, Coinbase is finally launching its highly anticipated NFT marketplace. They are only releasing a beta version for a small number of testers, though there is a waitlist.
Coinbase plans to add a social feature, allowing users to upvote or downvote NFTs and create a feed for users. The largest competitor is OpenSea, and they really only offer a simple NFT feed where Coinbase seems to combine features from Instagram and OpenSea.
Now we know Coinbase’s stock has seen a drastic downturn since IPO’ing last year. Is this the missing link they need to diversify their business model from purely crypto trading? Or are they too late to the NFT party, given that overall NFT volume is declining? I guess time will tell.
It’s your boy Ross Mac and that was the Crypto Minute on TheStreet.
TheStreet’s Crypto Minute is brought to you by Blockchain.com.