Coinbase’s NFT waiting list tops 1 million signups on day one

A person familiar with the situation said late Wednesday that the crypto exchange’s NFT waiting list had more than a million signups on its first day. It was not clear whether some of the signups were duplicate or spam, the person said. Coinbase on Tuesday announced plans to launch its marketplace, which is trying to tap into one of the biggest trends in digital assets this year.

Coinbase Vice President of Product Sanchan Saxena wrote on Twitter, “We are getting a lot of signups – so grateful for all your interest. We are seeing insane loads on our servers and our team is working hard to solve this.” Is. Check back. Soon!”

coinbase Twitter has joined the ranks of Inc. and FTX in the pursuit of NFTs, or digital collectibles, which have boomed in popularity this year. According to tracker NonFungible, daily sales approached $268 million at the end of August, with some NFTs selling for millions of dollars in recent months. According to a LinkedIn profile, Katie Hahn, a general partner at venture firm Andreessen Horowitz that sits on the board of Coinbase, is also a board member of NFT marketplace giant OpenC.

Coinbase, which warned in August that customer usage slowed at the start of the third quarter, is trying to diversify its revenue as competitors such as Robinhood Markets Inc. ramp up their efforts to attract crypto users. According to Julie Cherrill of Bloomberg Intelligence, NFTs are the “next frontier” for Coinbase and could become a lucrative business for the exchange next year.

“Fees are more likely to mirror retail than institutional crypto-trading commissions,” senior fintech analyst Cheryl wrote in a report. “NFT trading at our 3% fee estimate will bring less volatility to Coinbase operations as well as more revenue per trading dollar. Compared to crypto trading platforms.”

Shares of Coinbase rose 1.3% to $250.03 in premarket trading on Thursday.

This story has been published without modification in text from a wire agency feed.