• Coinbase Surges After NFT Marketplace Signups Revealed

  • Coinbase (COIN) shares are up 6% on reports that the cryptocurrency exchange’s new non-fungible token (NFT) marketplace had more than 1 million people sign up to its waiting list on the first day it was announced earlier this week.

    As of Thursday morning, the waiting list stood at 1.35 million, four times the 300,000 users of OpenSea, the world’s largest NFT marketplace.

    “We believe the immediate and strong response from retail customers to its announcement that it will launch a marketplace for non-fungible tokens (NFT) by the end of the year demonstrates its ability to accelerate the transformation of its franchise,” writes analyst Mark Palmer.

    Coinbase’s plans to establish an NFT marketplace come as rival FTX announced that it is entering the non-fungible token (NFT) business through its digital collectibles trading platform on the Solana blockchain. According to a report by blockchain analytics firm DappRadar, NFT transaction volume climbed to $10.7 billion in the third quarter, up more than 700 percent from the previous quarter.

    It is estimated that Coinbase could add $137.5 million in revenue through the new NFT marketplace.

    What's your reaction?