Coinbase’s NFT marketplace has underwhelmed by all intents and purposes, and this major coffee monster continues to invite chatter around NFT engagement. Which one of these companies will deliver long-term?
Only time will tell, but in the meantime, we’ll grab a daily dose of Nightly Mint to recap some of Thursday’s NFT activity.
Nightly Mint
Coinbase NFT Marketplace Struggles with the Latest Mint
According to Dune data, Coinbase’s NFT marketplace release to the public has been exceptionally disappointing. The marketplace has less than 2,000 users at time of publishing, and the beta release – which had limited access only to select users – was also widely considered as particularly disappointing (after long hype) from the community.
In today’s market, expectations are high, are the need for top-tier players to deliver at a premium level is essentially where the bar is set. Few marketplaces have ever released products with comparable potential to the products of early-mover marketplaces.
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Coinbase is high on its toes and has yet to meet them.Source: TradingView.com NASDAQ COIN | Source: NASDAQ: COIN on TradingView.com
Starbucks Loyalty Program
We’ve covered Starbucks intent to delve into NFTs in recent weeks, and now we’re hearing more as the coffee behemoth looks to overcome other struggles throughout it’s business.
Starbucks is slated to launch it’s first NFT release sometime later this year, and is reportedly aiming to integrate them into it’s massive loyalty program – which boasts over twenty million active members.
The ‘Minty Fresh’ Take
NFTs can be the best on-ramp to newcomers.
DeFi was able to become the cryptocurrency on-ramp that beginners needed (or what clearer value prop then higher APY relative to. bank?) But it got too complex.
Now it’s pretty clear to me that the on-ramp is NFTs with creators and brands providing the utility.
— Peter Yang (@petergyang) May 6, 2022
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Featured Image from TradingView.com, Charts and Pexels Disclaimer: The author of this article is not affiliated or connected to any parties listed in the article. This article is not meant to provide financial advice.