You thought we’d forgotten all about the intricate world of cryptocurrency and other digital assets, didn’t you?
Well, here we are again, and we’re talking about Coinbase’s latest move into non-fungible tokens (NFTs).
Can I buy NFTs on Coinbase?
Not yet, but it looks like you’ll be able to buy your favorite ‘Evolved Ape’ NFT from Coinbase very soon. The leading cryptocurrency exchange announced on Tuesday that it was working on a marketplace that will let users mint, collect, and trade these digital assets.
The move makes a lot of sense, especially with NFTs soaring in popularity since earlier this year, and seemingly not losing their grip on the public psyche. In fact, the NFT market topped $10 billion in transaction volume during Q3 according to analysts — including the high-profile $70 million that was dished out for a digital collage made by Mike Winkelmann, the artist known as Beeple.
So, why is Coinbase stock trading lower today? Is this a bad thing?
Yesterday’s dip appears to be related to the fact that ARK Invest’s Cathie Wood sold over 98,000 Coinbase shares on Monday — roughly $25 million. Long-term investors need not worry about such movements, while it’s also important to realize that ARK holds $1.1 billion in Coinbase stock.
Back to the NFT marketplace; this could be a big deal for Coinbase. NFTs are purchased using cryptocurrency, and with roughly 50 million active subscribers, having an all-in-one platform could make for seamless transactions among users. What’s more, Coinbase revealed that its marketplace will contain social media features, allowing for greater ‘window shopping’ with NFTs.
It’s a very exciting opportunity for the company to nab a greater market share in the growing crypto community, and definitely one to watch.
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Editor at MyWallSt
Jamie is the Content Editor here at MyWallSt. His favorite stock is Apple, which is also the first stock he ever bought. Jamie is not only a big fan of its products, but he believes that the tech giant has a whole lot more to give the world, and hasn't even scraped the surface of its potential.