Coinbase Is Seeing Massive Interest For Its Upcoming NFT Platform

Coinbase Global Inc’s COIN non fungible token marketplace has amassed more than one million emails just a day after launching the waiting list and it could be just a “business diversifier” the company needs, as per a leading cryptocurrency journalist.

What Happened: The Block Director of News Frank McChaparro said on Twitter that Coinbase’s NFT marketplace could do as well as OpenSea at its peak, noting that there could be duplicate emails "but this would be more than 3x OpenSea’s users at peak."

“If they can actually launch this thing with this base of clients - that’s a ~$9bn a month business (if it can do as well as OpenSea at peak),” said McChaparro.

NFT platforms can charge A LOT more than crypto exchanges for transactions which is why Coinbase is getting into this game

— Frank McChaparro (@fintechfrank) October 14, 2021

See Also: How To Buy Coinbase (COIN) Shares

Why It Matters: Coinbase announced its intention to enter the NFT market Tuesday when it said it would launch Coinbase NFT that allows users to mint, collect and trade the digital tokens.

The heightened interest in Coinbase NFT is caused a load on the website’s servers, as per Coinbase’s Vice President of Product Sanchan Saxena.

We just announced the upcoming launch of Coinbase NFT (https://t.co/U1ymWieRT3). We are getting a LOT of signups - so grateful for all your interest .

We are seeing insane loads on our servers and our team is working hard to get this resolved. Check back soon! #Coinbase

— Sanchan S Saxena (@sanchans) October 12, 2021

As per Benzinga’s Melanie Schaffer, Coinbase’s current price could be a “steal” as the company’s share moves in tandem with BTC, which is predicted to hit a $500,000 mark in five years. 

At press time, BTC traded 3.14% higher at $58,047.74, while Ethereum ETH/USD traded 3.69% higher at $3,628.98.

Price Action: On Wednesday, Coinbase shares closed 1.02% lower at $246.78 in the regular session and rose nearly 0.5% in the after-hours trading.
Read Next: Cathie Wood Trims Coinbase Stake For 2nd Day In Row As Bitcoin Holds Above $56K

Photo: Courtesy of Marco Verch on Flickr