Coinbase will need the social NFT marketplace platform to be a hit as it seeks to reduce its reliance on trading fees, which are subject to the whims of retail traders after crypto prices fell from last year’s highs
Monitors display Coinbase signage during the company's initial public offering at the Nasdaq MarketSite in New York, U.S., on Wednesday, April 14, 2021.is finally here in what could be key to reviving the crypto exchange’s growth prospects a year after its fizzling public debut.
The social NFT marketplace—which will allow users to trade, “like” and comment on images, similar to Instagram—will be entering a crowded field six months after it was originally announced. A slew of other crypto exchanges and platforms, such as Binance and FTX, have already launched similar marketplaces. Plus, the NFT hype itself is cooling down.
The company is facing increasing competition from not just crypto exchanges, but also online brokerages like. Its grand India expansion plan—touted by Chief Executive Officer Brian Armstrong in a recent trip to Bengaluru —was blemished by an obstacle in payment. And analysts now forecast a drop in adjusted revenue this year, according to data complied by Bloomberg.
“Equity analysts just don’t believe Coinbase will be able to generate any revenues outside of trading in any meaningful way,” Jeff Dorman, chief investment officer at Arca, said in an interview. He believes they are wrong. “It obviously makes no sense where it’s being valued right now. Fundamentally, it’s just the cheapest stock in the world.
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