It’s never too late to start using Coinbase
In October 2021, Coinbase announced plans to enter the NFT arena, making it one of the most significant players in the Fintech space. In the NFT community, the announcement spread like wildfire, with many fans of Coinbase excited about the prospect of the company entering the NFT marketplace space.
NFT collections such as Adidas and Lazy Lions have partnered with Coinbase since its announcement. Cool Cats and CryptoKitties have also partnered with Coinbase.
There were various guesses as to when Coinbase would formally launch its marketplace. “Wen Coinbase NFT? “, read the tweet from Coinbase’s @coinbase account on March 14th, 2022. Soon. Since our recent meeting with over a hundred artists, we’ve been listening to their comments and incorporating it into the product. The wait has been worth it, and we can’t wait to show you what we’ve got in the works.
Coinbase’s announcement is fantastic, but it doesn’t provide any light on a probable launch date. Currently, the only information we have is that the company has been working with creators and that the product is still in the works. It is widely believed that the Coinbase NFT project has lasted longer than it should, which has impacted the company’s future plans for NFT-related projects.
Over a billion dollars in additional profit
Coinbase’s NFT division, according to Needham Equity Research analyst John Tadaro, may bring in an additional $1.26 billion in revenue. NFTs are ripe for the taking according to Brian Armstrong, CEO of Coinbase, who made the announcement during an earnings call.
Over a million clients are said to be on the waiting list for the company’s NFT marketplace. Cointelegraph estimates that the total amount of NFTs traded in 2021 will be $1.5 billion, with $450 million in post-annual income and a baseline cost of 2%. There is a best-case scenario expectation for Todaro’s findings, and time will tell whether the analysis is worthwhile.
Is there anything Coinbase can anticipate from the NFT marketplace?
Coinbase’s NFT marketplace is nearing completion. One thing the corporation can count on when it makes its official entry into this market is the fact that the market has grown enormously in the meantime.
There are established NFT markets like OpenSea and Rarible, and keeping up with them could be more difficult for Coinbase than it seems. Observing Coinbase and Magic Eden as they strive to establish themselves in the NFT market will be intriguing.