Coinbase stock climbs as waitlist for NFT platform gets 1.35M signups

Coinbase Global (COIN +5.3%) stock advances after the crypto exchange platform signed up more than 1.35M people as of this morning for its not-yet-launched non-fungible token platform (NFT) platform, according to a note from BTIG analyst Mark Palmer. That's more than the 300K+ users on OpenSea, the world's largest NFT marketplace, Palmer wrote in a note to clients. He reiterates his Buy rating and price target of $500. The company plans to launch Coinbase NFT, a peer-to-peer marketplace through which users could mint, collect and trade NFTs, and on Tuesday opened a waiting list for users to get early access to the platform. Palmer sees the NFT platform "offering promise of new, higher-margin revenue stream" as part of its "accelerating diversification effort." The BTIG analyst estimates the new platform could add $137.5M to Coinbase's (NASDAQ:COIN) revenue, or about 2% of Palmer's full-year 2021 revenue estimate. The Buy rating aligns with the