Coinbase (COIN) shares increased 6% Thursday after reports that the crypto exchange’s brand-new non-fungible token (NFT) marketplace has a waiting list of more than one million individuals who registered on the very first day it was revealed previously today.
- As of Thursday early morning, the waiting list was at 1.35 million, which is 4 times the 300,0000 users that OpenSea, the world’s biggest NFT marketplace, has, according to a note from monetary services firm BTIG.
- “We believe the immediate and emphatic reaction of retail customers to its announcement on Tuesday that it would launch a non-fungible token (NFT) marketplace by the end of the year has demonstrated its ability to accelerate the transformation of its franchise,” BTIG expert Mark Palmer, who has a buy ranking and $500 cost target on Coinbase, composed.
- Coinbase’s prepared NFT marketplace comes as competitor exchange FTX on Tuesday revealed it was moving into the NFT service with a trading platform for digital antiques on the Solana blockchain. Trading in NFTs reached $10.7 billion in the 3rd quarter, a boost of more than 700% from the previous quarter, according to a report by blockchain analytics firm DappRadar.
- BTIG approximates that Coinbase might include $137.5 million in earnings, or about 2% of BTIG’s full-year 2021 earnings price quote for the business through the brand-new NFT marketplace.
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