Share this article
Coinbase’s NFT Strategy Questioned by Mizuho Analyst
Dan Dolev is skeptical about the exchange getting into the NFT business at this time, citing a decline in NFT internet searches.
Updated May 11, 2023, 5:58 p.m. Published Apr 5, 2022, 3:31 p.m.
Crypto exchange Coinbase’s (COIN) plan to launch an non-fungible token (NFT) marketplace this year is drawing some skepticism from Mizuho, which says interest in NFTs “appears to be dwindling.”
In a note to clients, Mizuho analyst Dan Dolev cited an analysis of internet searches showing hype around NFTs has slowed. Dolev estimates that Coinbase may spend up to $300 million this year on its NFT business while overall company profitability could see headwinds, along with higher operating expenses.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
“In a year in which profitability may be challenged, we question the strategic rationale of chasing NFTs, especially as interest in NFTs appears to be dwindling,” Dolev wrote.
Dolev lowered his revenue estimates for Coinbase, citing lower-than-expected Q1 volume and medium-term pressure on average transaction revenue per user owing to the new NFT marketplace. The investment bank maintained a neutral recommendation on Coinbase, but lowered its price target to $190 from $220.
Despite Mizuho’s bearish outlook on Coinbase’s NFT segment, others on Wall Street are expecting strong revenue gains from it. Needham estimated that, in a bullish case, Coinbase could see an additional $1.26 billion in revenue through its NFT business. In January, Goldman Sachs said Coinbase was still the “blue-chip way” for investors to gain crypto exposure.
Shares of Coinbase were down 5.6% to $180.90 on Tuesday, while the price of bitcoin was up slightly over the last 24 hours.
Read more: Jefferies Sees the NFT Market Reaching More Than $80B in Value by 2025
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Nasdaq, home of Coinbase, Strategy stocks, seeks 23-hour trading amid investor demand
Crypto's 24/7 trading has influenced investor expectations, with Nasdaq acknowledging that many of its clients are already active overnight.
What to know:
- Nasdaq plans to expand stock and exchange-traded product trading to 23 hours a day, five days a week, according to a filing.
- The move follows similar initiatives by the New York Stock Exchange and reflects growing global demand for extended market access.
- Always-on cryptocurrency trading has influenced investor expectations, with Nasdaq acknowledging that many of its clients are already active overnight.
Top Stories
