Coinbase NFT: Analyst claims this could hurt ‘wildfire NFT adoption’
In November, NFT marketplace OpenSea surged past $10 billion in volume. However, one analyst thinks this major player could soon see tough competition from a new rival.
Coinbase’s NFT marketplace reportedly saw millions of emails to sign up in its first few days. Like many, researcher Max Maher wondered if Coinbase NFT could blow OpenSea out of the water, so to speak.
According to Maher, however,
“So comparing the numbers, both Coinbase’s addressable market and the NFT market could increase substantially. NFT trading volume, even as niche as it is, hit $10.7 billion as of last quarter. That’s still a long way off of the total $3 trillion crypto market cap, but it is well over five times the reported revenue of Coinbase from earlier this year.”
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