Coinbase’s New NFT Marketplace May Solve Its Growth Problems

Coinbase’s New NFT Marketplace May Solve Its Growth Problems

Coinbase Global Inc.’s marketplace for nonfungible tokens is finally here in what could be key to reviving the crypto exchange’s growth prospects a year after its fizzling public debut.



A trial version of its long-awaited platform —designed to sell ownership of digital art and possibly other items—was unveiled Wednesday in the company’s latest attempt to diversify its revenue and bring more predictability to the business.



When Coinbase went public a year ago, investors had high hopes for a growth story. But with sales growth expected to go from triple digits in 2021 to negative this year, shares have tanked to a record low recently.











The social NFT marketplace—which will allow users to trade, “like” and comment on images, similar to Instagram—will be entering a crowded field six months after it was originally announced. A slew of other crypto exchanges and platforms, such as Binance and FTX, have already launched similar marketplaces. Plus, the NFT hype itself is cooling down. Sales on OpenSea, the world’s biggest NFT marketplace, are down 67% over the past 30 days, per tracker DappRadar.



Coinbase will need the platform to be a hit as it seeks to reduce its reliance