The market of non-fungible tokens (NFTs) could be way bigger in the future than it is today, Coinbase's CEO Brian Armstrong said during an earnings call. Armstrong says the company is excited about NFTs and he believes the area could be "as big or bigger" as the exchange's current business model.
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"I think having people that you can follow, you know, your favorite artists or creators, and having a feed of content that is populated from those people you follow, that could be really powerful," the Coinbase CEO added.
Armstrong's forecast comes after Coinbase's financial report for third-quarter earnings missed analysts' estimates on revenue. While analysts forecasted $1.57 billion, the US-based cryptocurrency exchange posted revenue of $1.24 billion. Shortly after the report came out, Coinbase's shares fell nearly 9% to $327.
As iHodl reported, Coinbase opened an early access to the so-called Coinbase NFT, a marketplace for non-fungible tokens. Users could mint, purchase, showcase, and discover NFTs on the platform. Initially, the marketplace will support only NFTs based on ERC-721 and ERC-1155 standards with multi-chain support planned soon after.
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