Coinbase Points To NFT Growth

Coinbase Global Inc ($COIN@US) co-founder Brian Armstrong has made quite a provocative statement about the NFT market. Armstrong, leader of the largest crypto exchange in the world, said that the market for non-fungible tokens (NFTs) could be even bigger than the market for cryptocurrency. With Coinbase planning to open an NFT marketplace, it wants to create a place where consumers can both purchase and store their holdings. The firm has received over 2.5 million messages asking when consumers can register for the marketplace since it was announced in October. By comparison, the largest current NFT marketplace, OpenSea, had nearly 250,000 unique users over the past 30 days. Interestingly, Coinbase is an investor in Open Sea. Moreover, Coinbase’s NFT marketplace would need to reach unprecedented heights to rival its crypto operation. The firm recently reported Q3 revenue of $1.3 billion. Coinbase aims to make this dream a reality by turning its NFT marketplace into an Instagram-style network where users can follow NFT creators, receive alerts on new listings and even create their own NFTs. Despite the news, Coinbase stock fell just over 8% in early trading.