Being first to trends and having the will within the company to get meaningful shit done has been the hallmark. This is a major divergence from the crypto native company with a finger on the pulse that Coinbase has been historically.
Months of vaporware to drum up hype and then an Instagram-like feed for NFT influencers feels like an approach from an out of touch Silicon Valley company who knows NFTs are hot but doesn't understand them deeply from user perspective. Their whole approach to NFTs has been off. There's already been billions of dollars left on the table by not offering a marketplace product. The fact that Coinbase hasn't yet shipped a fiat > NFT onramp product is very bad for shareholders. NFTs are now the most important onramp to crypto. For the first decade of the company the main way people entered the space was cryptocurrency so being laser focused on BTC and later other coins made a lot of sense. Coinbase built a massive business by being the bridge that connects fiat and crypto and keeping a finger on the pulse of the bleeding edge of crypto. Nick Tomaino of 1confirmation, an investor at Coinbase, tweeted earlier this week, in part: I haven't sold a share of Coinbase but will sell all my shares if the company doesn't make a strong move in NFTs in the next year. The NFT project is overseen by Surojit Chatterjee, a former Google employee who joined Coinbase last year at a compensation package of $646 million.
The new site is part of efforts by Coinbase to diversify its revenue and fuel growth, which is expected to turn negative this year. The result is hardly the mad rush expected by some on Wall Street after Coinbase's NFT project attracted several million signups to its waiting list when it first announced the marketplace last fall. 1 NFT marketplace OpenSea on May 3, the most recent day available, per Dune. ( Update: Fewer than 1,700 transactions at the time of publication, representing less than $700,000 in sales) That compares with $124 million in transaction volume for No.
The site - which Coinbase says is still in testing - recorded fewer than 110 transactions as of about 5:15 pm, representing less than $60,000 in sales, according to tracker Dune Analytics. From a Bloomberg report on Wednesday: After letting in a select number of users from its waiting list in the last few weeks, the U.S.'s biggest crypto exchange opened the marketplace to everyone as of noon Wednesday New York time. Its supplies of wine to retail chains and restaurants were apparently disrupted on May 4 due to the incident.Ĭoinbase's new marketplace for nonfungible tokens is now officially open to all - and it's getting off to a very slow start. However, one company, Fort, had failed to upload about 70% of invoices to EGAIS due to the outage, according to the report. Government sources quoted in the report claim that the site is running normally and any excessive waiting times are merely due to heavy demand. The outage impacted not only vodka distribution but also wine companies and purveyors of other types of alcohol. From a report: Alcohol producers and distributors are required by law to register their shipments with the EGAIS portal, loosely translated as the "Unified State Automated Alcohol Accounting Information System." However, several entities in the sector told local news site Vedomosti this week that DDoS attacks by Ukrainian hacktivists downed the site on May 2 and 3. Ukrainian hacktivists reportedly disrupted alcohol shipments in Russia after committing distributed denial of service (DDoS) attacks against a critical online portal, according to local reports.