After it was launched to the NFT platform…Coinbase stock drops to its lowest level ever
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Answer After it was launched to the NFT platform…Coinbase stock drops to its lowest level ever
Coinbase’s stock plunged to an all-time low on Friday, just two days after the launch of the long-awaited NFT token market.
I retreated Shares of Coinbase on Nasdaq rose to $131.14 in trading, down more than 15% since the test market launch.
The launch, which had been promoted for over a year, failed.
Last Thursday, Kenneth Worthington, an analyst at JPMorgan, noted:
Cryptocurrency markets need some excitement in terms of new products or new use cases to continue to push crypto markets to become more mainstream, thus driving activity levels.
It appears, at least for now, that Coinbase’s NFT market has failed to attract the excitement expected of it.
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The platform has joined an already crowded ecosystem where there are already long-standing platforms such as:
OpenSea, Rarible, Foundation, SuperRare, LooksRare, Nifty Gateway, and others.
The NFT Coinbase market differentiates itself from competitors by emphasizing community expertise, and encouraging NFT artists and buyers to interact and connect with social features, such as Instagram.
The platform, which offers buying and selling NFTs on the Ethereum blockchain, remains limited in access and is slowly opening up to a waiting list that has registered over a million users.
Also, the new platform from Coinbase does not yet support NFT steaks within the platform.
The launch of Coinbase was initially planned for late 2021, but it appears to be much later than what was initially announced.
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