Coinbase NFT Investment Questioned by Mizuho as Interest Wanes

Analysts at Mizuho question Coinbase’s plan to launch a non-fungible token marketplace, at a time when the broker says NFT hype is dwindling. Cuts PT to $190 from $220 prior, keeps neutral rating.

• An internet search analysis shows interest in NFTs has dramatically declined from its highs, analysts including Dan Dolev write in note
  • Estimates firm may spend up to $300m on NFTs in 2022, contributing to an overall 130% increase in operating expenses year-on-year
• NOTE: Coinbase is down about 24% year-to-date to $191.65 at Monday’s close
• BI, Apr.1, NFT Near-Term Froth, Uncertainty May Mask Their Long-Run Utility

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