2 - 4 minute read
As the cryptocurrency market continues to grow and evolve, exchanges like Coinbase are pushing for a sensible regulatory environment that benefits the industry. In an effort to gain support from the community, Coinbase recently launched an NFT collection called “Stand With Crypto.” The NFTs represent the community’s stand to protect and promote crypto’s potential and become the symbol for seeking “sensible crypto policy.”
While some have praised the move and minted their NFTs, others have been more critical. Crypto influencer Wendy O pointed out that the Digital Currency Traders Alliance had already pushed for more crypto-friendly regulation before Coinbase. She urged the exchange to band together with others in the industry instead of being fragmented and to fight for retail instead of pushing them out.
Additionally, some community members expressed uncertainty about the impact of the NFTs, but admitted that it made them feel like they did something. Crypto Coin Show host Ashton Addison criticized the campaign for instructing community members to add a shield emoji next to their Twitter display name while not having one on their own.
I just minted Stand with Crypto https://t.co/4T0OWbpCCf— Brian Armstrong (@brian_armstrong) April 25, 2023
At the time of writing, Coinbase’s Stand With Crypto NFTs have received considerable support, with over 15,000 mints and more than 7,000 owners according to NFT marketplace OpenSea. The exchange has constantly been pushing for pro-crypto policy in the US, launching a grassroots campaign in February to push policy creation that supports the advancement of crypto and Web3.
The Bottom Line
While Coinbase’s NFT collection has received some backlash, it also shows the exchange’s commitment to pushing for sensible crypto policy and gaining support from the community. Traders should keep an eye on the exchange’s efforts to advocate for the industry and how it may impact the market in the future.