Coinbase’s NFT marketplace has underwhelmed by all intents and purposes, and this major coffee monster continues to invite chatter around NFT engagement. Will either of them deliver in the long-run?
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.
The Nightly Mint
Latest Mint: Coinbase NFT Marketplace Struggles
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. To date, few marketplaces have released products that have shown the potential to truly compete with some of the dedicated marketplace products that have established early-mover advantage.
Related Reading | Bitcoin Broke Above The Multi-Week Resistance; What’s Next?
Coinbase has high expectations and thus far, has a lot left to deliver. | 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
Can NFTs serve as the ultimate on-ramp for newcomers?
DeFi had a chance to be the crypto on-ramp for beginners (what clearer value prop than higher APY vs. bank?) but somewhere along the way shit got too complicated.
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
Related Reading | Cardano Prepares For Major Update; Will It Be Enough To Push Bears Back?
Featured image from Pexels, Charts from TradingView.com The writer of this content is not associated or affiliated with any of the parties mentioned in this article. This is not financial advice.