Coinbase Global doesn’t have the most attractive chart. But give it time.
As we near development of the metaverse, the stock could see higher highs, especially with its potential NFT (non-fungible tokens). After all, according to Binance, NFTs “are the bridge to the metaverse, and facilitate identity, community, and social experience.”
Binance added, “The metaverses and NFT blockchain gaming will become an integral part of Web 3.0, an era where real-world businesses expand into the digital space, and users uncover the versatility of such environments. We believe that NFT ownership is key and will open up a world of opportunities in the emerging metaverses.”
While COIN doesn’t have exposure to NFTs, the company recently announced its NFT market will go live in 2022.
“At Coinbase, we want to help pull all the pieces of identity together — essentially creating an identity on-ramp into the Metaverse. That’s the idea behind our work with ENS, which makes it possible to create a unique username NFT that resolves to a wallet. Eventually, this will allow users to carry a unique ID across different worlds in the Metaverse.”
Plus, with 8.8 million users to date, it has a solid advantage over competitors, like OpenSea, which has about 1.8 million users. Better, analysts at JP Morgan just upgraded the stock to a buy rating, with a price target of $447.