Coinbase’s Tweet Signals Collaboration With Yuga Labs


A new tweet from cryptocurrency platform Coinbase has crypto and NFT fans anticipating a big announcement coming soon.

What Happened: Coinbase Global Inc COIN tweeted from a photo Monday morning that said “something is coming.”

— Coinbase (@coinbase) Apr 11, 2022

Coinbase tagged its Wallet and NFT accounts in the tweet. Coinbase also tagged Bored Ape Yacht Club and ApeCoin APE/USD, initially sparking speculation that Coinbase might partner with Yuga Labs, which was confirmed by another tweet this afternoon, announcing: “We are creating an interactive three-part movie featuring the @BoredApeYC@apecoin communities.”

Yuga Labs shared a video on March 18 teasing Otherside, a company launch that could see collaborations with other NFT projects and the highly anticipated land sale. The trailer said Otherside was coming in April.

Many have speculated whether the land sale will be bought with Ethereum ETH/USD or ApeCoin.

Launched on March 17 by ApeDAO, ApeCoin was considered the future currency of its ecosystem by Yuga Labs.

Coinbase was one of several cryptocurrency platforms that offered ApeCoin for trading on the first day available.

Related Link: ApeCoin Launched: Here Are The Details And How To Get It

Why It Matters: Coinbase announced plans to launch its NFT marketplace in October and has since been eagerly anticipated with more than three million people signing up on the company’s waiting list.

“Just as Coinbase has helped millions of people access Bitcoin for the first time in an easy and trusted way, we want to do the same for NFTs,” Coinbase said at the time.

In February, Coinbase sent out emails suggesting the launch was coming soon. A tweet in March, the company’s pinned post on Twitter also said Coinbase NFT would be coming “soon”. The company said at the time it had met more than 100 makers and was working to build out the product based on community feedback.

“We appreciate your patience and can’t wait to show you what we’re cooking,” Coinbase tweeted.

Coinbase ended its fiscal year with 89 million verified users and 11.14 million monthly transactions. The NFT market is expected to help the company diversify away from the volatility of the cryptocurrency markets and also bring new users to the world of NFTs.

Coinbase has announced partnerships with several prominent NFT collections that will serve as launch partners.

Price Action: Coinbase Shares Drop 3.82% to $154.77; ApeCoin is trading at $10.99 as of release Monday afternoon.

Photo: Coinbase Twitter

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