Coinbase NFT marketplace wants to be a social media application.
Today’s video focuses on Coinbase Global (NASDAQ:COIN), recent news affecting the company, and its earnings, reported Nov. 9. Here are some highlights from the video.
- Coinbase reported $1.235 billion in revenue, down 39% sequentially due to the heavy volatility in the crypto market. In its shareholder letter, management reminded investors that the crypto economy is still young and Coinbase should not base itself on quarterly results. The majority of its revenue comes from trading fees, roughly $1.1 billion, but its subscription services, including other solutions, were up 41% sequentially, reaching total revenue of $145 million.
- A huge craze for non-fungible tokens (NFTs) has swarmed the crypto world in the past year. Coinbase believes this market will continue to grow and is expected to release Coinbase NFT in 2022. This will be an NFT marketplace where users will be able to buy, sell, and mint NFTs. Management wants Coinbase NFT to incorporate aspects of social media applications, like following others, sharing images, and much more.
- In this most recent quarter, Coinbase added over 600 new full-time employees for a total of 2,781 employees. Coinbase’s workforce has more than doubled since the same time last year. The increase in employees is helping Coinbase develop new products and solutions for its customers.
Click the video below for my full thoughts and analysis.
*Stock prices used were the after-market prices of Dec. 7, 2021. The video was published on Dec. 8, 2021.
This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.
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