Friday, September 29, 2023
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Can Bill Murray Save Coinbase NFT?

There wasn’t much good news Coinbase ((((coin 0.69%). Recently, Coinbase NFT, an irreplaceable token platform. Non-substitutable token (NFT) is a digital asset on the blockchain, often represented by images. Examples include Bored Ape Yacht Club and Crypto Punks. According to Dune Analytics, one of the major crypto exchanges, Coinbase, has sold just $ 2.95 million in NFTs on its platform since its launch on April 20th. That’s a small amount compared to the $ 6 billion traded in OpenSea, the industry-leading NFT market.

To make matters worse NFT trading volume Since mid-April, NFTs on the Ethereum blockchain have fallen by about 75% on a dollar basis. What if NFTs are down and Coinbase can’t get a share? Why don’t you call the CHIVE website for culture and images with actor Bill Murray?

Bill Murray’s Coinbase NFT

Today, Bill Murray will release or drop 1,000 NFTs in a collection created by CHIVE and the branding agency Project Venkman. There are 100 story NFTs, each with 10 color changes for each image that makes up the collection. The drop was auctioned off with a single actual painting and said, “once in a lifetime Experience with men, myths and legends. “

The NFT Drop is one of four upcoming drops, including one related to NBA star Damian Lillard, a feature on graphic designer Jeff Staple, and a “Historical People” collection that includes Athena, Queen Victoria, and more.

In general, the idea is to bring celebrity exposure to the Coinbase NFT. However, the challenge is that the transition from markets like OpenSea to Coinbase NFTs is less attractive, as today’s NFT buyers are probably already accustomed to trading on one of the existing platforms.

NFT problem

Maybe it was just the wrong timing, but Coinbase NFT Released at a time when NFT sales were declining like a rock.. As shown below, OpenSea volumes have decreased by about 75% since mid-May, and Coinbase NFTs have been unable to capture more than 1% of transaction volumes for more than a day or two.

Is this a problem with Coinbase entering a declining market and having no luck in attracting existing users? Wouldn’t Coinbase NFT improve if the entire NFT market was growing?

It’s impossible to know why the launch of Coinbase NFT wasn’t successful, but it’s no exaggeration to say that it doesn’t gain market share today. Can celebrities change that? I’m a little uncertain.

Looking to the future?

I think this kind of NFT drop shows the future outlook for Coinbase NFT. Coinbase’s first-quarter 2022 conference call shows that the company is big. schedule.Said there is “We have the ability to add features, perform NFT drops, create your own NFT tokens, have a token gated community you want to support, and have the option to buy directly with your credit card or other card. Currently your main Coinbase account. Funds in. ”

Even if you need to buy on Ethereum, the market is currently seeing an increase in US dollar priced NFTs. This drop is also a test of the auction function. You may see the attention-grabbing tests of minting tools or tools that create NFTs on the blockchain that may be on the market.

Coinbase and NFT long games

I don’t think long Coinbase games are just competing with OpenSea. Its growth potential is to facilitate the creation, purchase and ownership of NFTs. It has the potential to facilitate onboarding for the next generation of users by integrating with the Coinbase app, Coinbase Wallet, and Coinbase Pay.

This is a very long game played by Coinbase NFT, but you need to prove that its tools (minting and auctions) work and attract buyers to the platform. Bill Murray is a name that can do both, but it’s a difficult battle with the business that has taken hold at OpenSea.

Travis Hoium We have positions in Coinbase Global, Inc. and Ethereum. The Motley Fool belongs to and recommends Coinbase Global, Inc. and Ethereum. The Motley Fool Disclosure policy..

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