Can CoinbaseNFT shoot OpenSea down on the beach?

In November, the transaction volume of OpenSea in the NFT market surged to more than US$10 billion. However, an analyst believes that this major company may soon see fierce competition from new rivals.

Coinbase and OpenSea

According to reports, Coinbase’s NFT marketplace received millions of emails within the first few days of its launch. Like many people, researcher Max Maher wants to know if Coinbase NFT can shoot OpenSea down on the beach. However, according to Maher, “So, comparing these numbers, Coinbase’s addressable market and NFT market are likely to grow substantially. NFT transaction volume, even for niche transactions, reached $10.7 billion in the last quarter. This distance The total crypto market value of $3 trillion still has a long way to go, but it far exceeds Coinbase’s early plans.”

Here, it is worth pointing out that one of OpenSea’s investors is Coinbase itself.

Coinbase: New Instagram?

According to Maher’s research, a key to the success of Coinbase NFT may be its user interface, which makes the NFT easier to access.

Maher suggested that Coinbase can serve as a “bridge” between daily Internet use cases and the encryption sector.

He explained: “The way they made this work seems to be community building first, or the goal is to make creating and promoting NFT art more like using someone’s Instagram feed rather than shopping on the dark web. Early presentations show that users ‘S personal information will be displayed with artistic features and corresponding social media”.

However, reaching the top may not be easy. The analyst pointed out that if there is no second-tier expansion, Ethereum-based NFTs will involve “very high” or even “outrageous” GAS gas fees, which may discourage buyers.

Even so, he added: “But this does not erase the fact that millions of people will now be able to use NFT. This is a victory for the NFT market and Coinbase as a whole. However, in their calculation of GAS Before the gas fee, this may delay the adoption of Wildfire NFT for a few months. Once we see the NFT transaction fee on Coinbase drops by about $1, then the use of NFT will open a new situation.”

However, is the registration email a good indicator of the early success of Coinbase NFT? An analyst doubted this. Earlier, crypto reporter Colin Wu claimed: “In fact, a large part of it comes from China. There are rumors in the Chinese community that Coinbase NFT will be airdropped. China does not allow it to be used, but it can be added to the waiting list, so this 100 Ten thousand numbers may be meaningless.

Posted by:CoinYuppie,Reprinted with attribution to:
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

Leave a Reply