The development came as the beta version of the company’s long-awaited NFT marketplace has finally been released in beta., Coinbase’s stock fell to an all-time low during Friday's trading session.
, and the beta launch this week did not change that trajectory. On Friday, $COIN touched a low of $131.25 and later closed at $131.52.at this point, with the beta launch only a few select clients can buy and sell Ethereum-based NFTs with payments in ETH. The company plans to integrate other blockchains in the future, as well as add some unique features that would allow users to engage more.
Coinbase is facing competition not only from OpenSea and LooksRare, which dominate the market but also from major crypto exchanges FTX.US and Binance, which have also launched NFT marketplaces last year. “The company is investing in a number of areas that may not have as much of an immediate impact, but should contribute materially to longer-term revenues, including its forthcoming NFT platform,” the report said.
According to Dorman, Coinbase’s “lower than expected multiple” is in part due to the expectation that their trading fees will keep going down. The decline in retail has added extra pressure, he argued.
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