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Coinbase is launching an NFT marketplace – Morning Brew

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Jamie Wilde
Business Writer
Francis Scialabba
Coinbase is launching a marketplace for NFTs—which, yes, we’re still talking about.
On the marketplace, called Coinbase NFT, users will be able to buy, sell, and mint NFTs, or tokens that verify you’re the owner of a digital asset. Coinbase also said it would include “social features” and pitched the platform as more user-friendly than the other guys.
The “other guys” include two rival cryptocurrency exchanges: Binance and FTX, which both recently launched their own NFT marketplaces. But they’re all just guppies compared to OpenSea—which has a 97% stranglehold of the NFT market. In the past month alone, OpenSea facilitated nearly $2.8 billion in NFT transactions, per DappRadar.
NFTs have survived and even grown beyond their “fidget spinner” phase this spring, when the digital artist Beeple sold an NFT at Christie's for $69 million. Google searches flagged for months after, but interest has climbed back up since…perhaps best exemplified by an NFT of a rock selling for over half a mil at the end of August.
Plus, it’s not just your old college roommate who believes NFTs have a bright future.
Skeptics say the NFT space is plagued by scams and is essentially a hype bubble ready to burst.
Big picture: Coinbase’s stock has fallen 27% since it went public in April, as competitors like Robinhood crowd into crypto trading and regulators bare their teeth. Coinbase NFT marks the company’s second shot at finding a new revenue stream in about a month, after the SEC scrapped its last launch—a crypto lending product called Lend.
Looking ahead…anyone can join Coinbase’s waitlist for its NFT marketplace, which the company plans to launch this year. *Adds Pudgy Penguin to Christmas list.*—JW
Neal Freyman / 10.18.2021
Mary Tobler / 11.7.2021
Neal Freyman / 11.5.2021
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NFT

FASB Excludes NFTs, Some Stablecoins From Crypto Accounting Project – The Wall Street Journal

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Michael Saylor can't stop: MicroStrategy now holds 130,000 Bitcoin – Cointelegraph

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MicroStrategy bought an additional 301 BTC for $6 million at an average price of $19,851, the company’s executive chairman announced on Twitter.
MicroStrategy now owns 0.62% of all the Bitcoin (BTC) that will ever be mined. The company’s executive chairman, Michael Saylor, announced that the company bought another 301 BTC for roughly $6 million at an average price of $19,851 per BTC. 
In sum, the company is one of the planet’s largest holders of the asset, owning 130,000 BTC. Apparently, Saylor likes round numbers, buying 301 BTC to reach the 130,000 milestone. 
MicroStrategy has purchased an additional 301 bitcoins for ~$6.0 million at an average price of ~$19,851 per #bitcoin. As of 9/19/22 @MicroStrategy holds ~130,000 bitcoins acquired for ~$3.98 billion at an average price of ~$30,639 per bitcoin.https://t.co/5kYW98ij4I
Due to plunging price action, the company’s investment is down substantially in U.S. dollar terms. MicroStrategy’s entry price is roughly $30,639 per BTC, and the Securities and Exchange Commission filing states that the firm has bought 130,000 BTC at an aggregate purchase price of approximately $3.98 billion.
If MicroStrategy started stacking sats (buying Bitcoin) at today’s prices, it would have spent $2.48 billion on 130,000 BTC. Saylor is currently at a paper loss of over a billion dollars.
According to the SEC filing, the company made the purchase with “excess cash.” Saylor recently stepped down as CEO of the company to focus on buying more Bitcoin, while Washington, DC has taken aim at the billionaire in a tax evasion lawsuit.
Bitcoin enthusiasts were quick to commend Saylor’s buy. Referred to as the “Chad” or “Gigachad,” Saylor’s conviction and commitment to buying Bitcoin despite the investment being underwater has garnered both a devout following and numerous critics.
Related: Bitcoin better than physical property for regular folks, says Michael Saylor
Other large wallet addresses include that of crypto exchange Bitfinex, which holds 170,000 BTC, and a Binance reserve wallet that holds 125,000 BTC. Binance is the world’s largest crypto exchange and has several wallets holding six figures of Bitcoin. Regarding individuals, Saylor has stated that he holds Bitcoin, and FTX CEO Sam Bankman-Fried and Binance CEO Changpeng Zhao are also “hodlers” — a meme that became popular jargon for holding crypto.

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NFT Collections Will Be Regulated Like Cryptocurrencies Under EU’s MiCA Law, Official Says – CoinDesk

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