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The Nightly Mint: Daily NFT Recap 2022-05-06

Taylor Scott
Taylor Scott
3 years ago
2 mins read

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Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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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.
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Taylor Scott
Taylor Scott

Taylor Scott

Taylor specializes in crypto activity across sports and entertainment. With nearly a decade of engagement with cryptocurrency, Taylor has spent several years working in talent representation with musicians, comedians, and speakers, and achieved a Sports Business MBA in 2020.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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