Coinbase unveiled late last week the launch of the test version of its own NFT platform. At the time, the exchange's press service announced its intention to launch the final version of the platform in a few weeks.
However, it seems investors are not too keen on the idea. Thus, last Friday, the share price dropped significantly.
According to Yahoo Finance, although Coinbase shares have been falling since early April, the drop became more pronounced late last week. Thus, the shares of the company, which trade under the ticker COIN, plunged to $131.25, ending the session with a slight correction to $131.52.
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Needham & Company analyst John Todaro has said that Coinbase's attractiveness in the eyes of investors will improve only if the NFT marketplace is successfully launched. Then it will be possible to truly assess the situation and predict the prospects for COIN shares in a few months.
Jeff Dorman, chief investment officer of Arca, also believes investors still look with suspicion at the NFT platform. According to him, they will invest in the company's shares only if this service becomes popular and its turnover increases.