Coinbase Jumps After Sign-Up Numbers for NFT Marketplace Revealed

The crypto exchange had more than 1.35 million sign-ups for its waiting list, four times the number of OpenSea users, according to an analyst’s note.

AccessTimeIconOct 14, 2021 at 10:06 p.m. UTC
Updated May 11, 2023 at 7:07 p.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Coinbase (COIN) shares rose 6% Thursday after reports that the crypto exchange’s new non-fungible token (NFT) marketplace has a waiting list of more than one million people who signed up on the first day it was announced earlier this week.

  • As of Thursday morning, the waiting list was at 1.35 million, which is four times the 300,0000 users that OpenSea, the world’s largest NFT marketplace, has, according to a note from financial services firm BTIG.
  • “We believe the immediate and emphatic reaction of retail customers to its announcement on Tuesday that it would launch a non-fungible token (NFT) marketplace by the end of the year has demonstrated its ability to accelerate the transformation of its franchise,” BTIG analyst Mark Palmer, who has a buy rating and $500 price target on Coinbase, wrote.
  • Coinbase’s planned NFT marketplace comes as rival exchange FTX on Tuesday announced it was moving into the NFT business with a trading platform for digital collectibles on the Solana blockchain. Trading in NFTs climbed to $10.7 billion in the third quarter, an increase of more than 700% from the previous quarter, according to a report by blockchain analytics firm DappRadar.
  • BTIG estimates that Coinbase could add $137.5 million in revenue, or about 2% of BTIG’s full-year 2021 revenue estimate for the company through the new NFT marketplace.






Disclosure

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk offers all employees above a certain salary threshold, including journalists, stock options in the Bullish group as part of their compensation.

Josh Fineman

Josh Fineman is CoinDesk's Senior Wall Street Reporter, covering the intersection of crypto and traditional finance.


Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.


Read more about