As Coinbase Moves Into NFT Space, Even Jim Cramer Changes Tune

As Coinbase Moves Into NFT Space, Even Jim Cramer Changes Tune

Jim Cramer, host of Mad Money on CNBC, said he recently bought Ethereum (ETH) as a play on the NFT … [+] Watch this: in April, CNBC Mad Money host Jim Cramer said people buying non-fungible tokens (NFT) are buying things that don’t exist. “We have people trying to put prices on things that didn’t exist — think non-fungible tokens,” he said in April. He wasn’t saying don’t invest in them, but he was equating them with bubbles bound to pop.

On October 12, Coinbase, one of the biggest cryptocurrency exchanges used by retail investors, said it would add an NFT marketplace to its platform. And so two weeks later, on October 28, Cramer said he was betting on the roughly $10 billion NFT market by buying Ether tokens.

“In all honesty, I was gambling,” Cramer said. “I was simply gambling on crowd psychology. I have no idea whatsoever why these things went up.”

Jim, CrAmerica are all crypto gamblers now.

Like the guys selling strange tokens in a bar in Tatooine in the Star Wars universe, we are all playing with these oddball chips, most of them only having value in one bar. No one knows why they go up.

I own Enjin coin as a play on NFTs. I have no idea why it’s been up 10% in the last week. Coinbase’s announcement happened over two weeks ago.

“The future has no gatekeepers,” says Tom Hale, founder & CEO of new decentralized NFT platform, Melon. “It’s an open future where creators, brands, and fans connect directly. We see a future where brand-creator collaborations and creator-to-fan relationships take place directly on a decentralized web. That’s a future with more power for content creators and their fans,” he tells me.

Maybe this is why Enjin is up. People are seeing the future more clearly.

In short, NFTs are digital artworks, audio clips, video clips. They are priced in crypto. Sometimes they are priced in fiat. It’s a new world. We’re all just wrapping our heads around it.

Even stars of the investing world, like Cramer himself, cannot truly explain it other than an NFT is something for gamers purchasing to use in a particular game, usually on the blockchain, not on the X Box. It’s also digital art you – I suppose – don’t hang on your wall. Then again, NFTs are moving beyond art, and audio-visual clips.

This year we have seen sales of Jack Dorsey’s first Tweet, and in March, TikTok’s own NFT experiment saw a sale of over $500,000. (I don’t get it. Who is spending that kind of money on this nonsense?)

Exchanges like Coinbase and marketplaces like Melon are building on this new market.

Hale names some social media stars that will work with Melon to create tradable NFTs: SwagboyQ , Liane V , and Tim Chantarangsu, once known as Timothy DeLaGhetto . They have tens of millions of followers. Except for me. I have no idea who these people are. But imagine if they made an NFT? Perhaps it would be a money maker. Jim Cramer: buy crypto. Buy into the NFT space. Even if you don’t know what it is. KMR Images Coinbase Joins the Chorus

Coinbase expanding its footprint in NFTs should come as no surprise, as NFTs are reaching mainstream audiences. It’s totally stolen DeFi’s thunder.

Coinbase announcement marks another step forward for NFT creators because Coinbase is the de facto on-ramp for most retail crypto investors.

Coinbase also has an opportunity to lead the charge in expanding beyond Ethereum, the main blockchain for NFTs for now. Others are eating into Ethereum’s market share. Users have embraced a multi-chain future, and venues like Coinbase can align with that to maximally benefit their customers, thinks John Wu, President of Ava Labs, a team supporting development of the Avalanche blockchain.

Coinbase is not the first exchange to hop on the NFT bandwagon.

If you watched any baseball this year, and surely the playoffs, you saw umpire’s with the logo for FTX on their shirts . FTX is a crypto exchange. They sell NFTs as well. They hope to be the place where MLB players put up personal items for sale as NFTs.

On October 26, former Boston Red Sox slugger and World Series champion David Ortiz signed a deal with FTX. Surely he’ll have someone create “Big Papi” NFTs for FTX, just like Tom Brady. Last year, a Brooklyn start-up called Voice launched a platform for creators to make and sell their own digital art. Voice is being billed as a cheaper alternative to Ethereum. They have joined other […]

source As Coinbase Moves Into NFT Space, Even Jim Cramer Changes Tune

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