Coinbase is still riding high two days after announcing its non-fungible token marketplace. The crypto exchange’s stock closed at $260 on Thursday, up 5%, after CEO Brian Armstrong tweeted late Wednesday that more than 1 million people had joined the waitlist for the marketplace, which is called Coinbase NFT. By Thursday afternoon, the waitlist had climbed to more than 1.6 million places.
This growing interest strengthens Coinbase’s position as a threat to OpenSea, the premier marketplace for buying and selling NFTs, which are digital, blockchain-based assets. OpenSea only has 300,000 users, according to Mark Palmer, a fintech analyst at brokerage firm BTIG. Coinbase, in contrast, has 68 million users who could also try NFTs on the marketplace, set to launch by the end of this year.