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Three Months in, Coinbase NFT Has Been a Disaster – Crypto Briefing

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Coinbase has one product that’s performing even worse than its sluggish stock: its NFT marketplace.
Three months in, Coinbase’s NFT platform is proving to be a complete failure.
The largest U.S.-based cryptocurrency exchange and one of the industry’s oldest centralized marketplaces seems to have completely botched the launch of its social marketplace for non-fungible tokens, Coinbase NFT. 
According to open-source crypto data provider Dune, Coinbase NFT has recorded only about $2.9 million in trading volume since launching on Apr. 20, setting its average daily volume at around $37,000. To put that into perspective, the largest NFT marketplace in the space, OpenSea, has seen over $5.9 billion in trading volume over the same period. LooksRare, which launched soon after the NFT market topped in January, has registered about $2.53 billion in trading volume. In the last 24 hours, Coinbase NFT has recorded only 6.1 ETH, or about $7,200, in trading volume.
While the exact reasons for Coinbase’s apparent failure are difficult to pinpoint, arriving months late to the NFT bull cycle (and four months after it planned to launch), spotlighting dubious NFT projects like MekaVerse (a once-hyped collection that was accused of rigging its drop and ultimately tanked), and gating the platform’s launch certainly didn’t help. 
Coinbase launched its NFT marketplace in hopes of attracting the masses and differentiated itself from its competitors by styling itself as the “Web3 social marketplace for NFTs.” However, it appears that the product arrived too late for anyone to care. By the time the exchange released the product’s beta version in April—at least four months later than promised—the NFT market was already well on its way down to reach the same trading volume it had before the bull run in NFTs even started.
The best month to date for NFTs was January, when the total monthly trading volume topped about $17.1 billion. That’s more than the total trading volume recorded since Coinbase NFT launched. While interest in NFTs was free-falling, Coinbase took the decision to gate the platform’s release to a limited number of waitlisted users upon launch, likely hurting its adoption prospects in the process. Pre-launch, the platform had about four million users waiting in the queue to try it, while today it has registered only about 8,668 users in total.
Despite launching five full years before the now largest cryptocurrency exchange in the world, Binance, and seven years before its speedily encroaching competitor, FTX, Coinbase has started to lose its industry relevance and market share over time. While the exchange went public on Nasdaq in April 2021 in what was described as a “watershed moment” for the crypto industry, its stock has since plummeted amid a shaky macroeconomic environment, trading about 84% off its high at $51.71. The botched launch of its NFT marketplace “for social engagement” is only adding to its downfall, setting the company back millions of dollars with barely anything to show for it.
Disclosure: At the time of writing, the author of this article owned ETH and several other cryptocurrencies.
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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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