Coinbase (NASDAQ:TCP) continues to work to become a force to be reckoned with in the world of cryptocurrencies and digital assets in general. But not only: the management also establishes an ecosystem character which should also function on the basis of value-added services and other services. All in all, a smart approach.
With an investment in the development of an NFT platform, the management of Coinbase wants to continue on this path. New headlines show: Now the big launch has finally happened. After a small one that has already taken place.
Coinbase: The big launch of the NFT!
Like the American portal Yahoo finance now reported, Coinbase has now opened its own NFT platform to the general public. Before that, there was a kind of public beta test with a few people who were exclusively invited in advance and were able to let off steam on the trading platform first. But the big launch happened these days, which allows everyone to trade non-fungible tokens through the well-known name in the crypto space.
Like Yahoo finance goes on to say that the measure was taken earlier than expected. However, a company spokesperson assured that the platform is now ready to show higher volumes as well. Is a great success of Coinbase with this new possibility now certain?
in part, in part. It is also positive that management is looking for new established products and crypto assets. But some analysts have recently complained that management entered the market too late. The NFT hype has now stabilized a bit. In addition, 300 million US dollars have been invested in the development of this commercial place, which must bear fruit first. Nevertheless, foolish investors can stick to a temporary intermediate conclusion:
The management works on the ecosystem!
Namely, Coinbase management is working on its own ecosystem and is apparently convinced that NFTs are here to stay. Consequently, investments have been made in order to give interested parties, investors and speculators, the tools and the place to trade on this market. Probably also with a view to no longer losing market share to competitors.
The profitability of this particular investment is of course dependent on the success of NFTs in general. But Coinbase is still constantly expanding and expanding its own ecosystem. This is a positive qualitative characteristic of an investment thesis in order to keep up with crypto market trends and not lose its appeal. The launch of the platform therefore has short-term potential. In essence, however, it is more important to me that management has a consistent overview of developments in its own market.
The article The big launch of NFT at Coinbase! first appeared on The Motley Fool Germany.
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Vincent owns shares of Coinbase The Motley Fool owns shares and recommends Coinbase.
Motley Fool Germany 2022