Robinhood is one of the most successful trading platforms in recent years, the company gained success as a retail platform, and now it’s entering the NFT marketplace space
It’s Robinhood O’clock
You may be familiar with the stock trading platform Robinhood; the retail platform has registered a considerable amount of success since its launch. Robinhood is ready to venture into the NFT sphere with its proposed NFT product.
Robinhood shared that it’s in the process of developing a game-changing digital Web3 wallet with the ability to enable users to store their NFTs and connect them to online marketplaces. According to a press release on May 17, the company shared that its new non-custodial “Robinhood 3” wallet will allow users to hold the keys to their crypto, earn dividends, trade, and swap crypto, and it goes beyond crypto; NFTs will also be traded and swapped while also earning dividends on the Robinhood 3 wallet.
Another attractive feature of the upcoming Robinhood Web3 wallet is that it’ll not feature network fees, and commissions will not be charged. The new development from Robinhood is a step in the right direction, as the app is used only to allow users to buy and hold crypto assets within their Robinhood trading accounts. In September 2021, Robinhood revealed plans to create a beta version of its first digital wallet, and in January, 1,000 customers were given access to the digital wallet. The figure has grown to over two million users, thanks to the company’s burgeoning waitlist.
NFTs and Robinhood
Robinhood aims to improve some of the perceived problems associated with decentralized finance, non-custodial wallets, and Web3, including the simplification of their “cumbersome” and “clunky” design features.
Vlad Tenev, Robinhood’s CEO, shared the following concerning the upcoming Web3 product, “Our web3 wallet will make it easier for everyone to hold their keys and experience all the opportunities that the open financial system has to offer.”
Robinhood has steadily grown and delved into other forms of finance; first, it was the crypto space, and now the platform is ready to delve into the NFT ecosystem. In terms of the Web3 wallet launch, we can expect it to progress similar to how the company’s crypto wallet rollout was, with a small number of users being granted access to the product’s beta version, then a full release a few weeks later.
Robinhood plans to make the NFT product generally available to the public before the end of the year; this means that NFT enthusiasts, creators, and users will be able to enjoy the features and functionalities that have made Robinhood successful in the crypto and stocks trading space. Robinhood has invested a lot into the upcoming Web3 wallet, and the company’s marketing has been on point with press releases, ads, promotional videos, speaking engagements, and much more. Tenev, Robinhood’s CEO, also shared the following before a live audience, “There’s got to be a way to get all the security and privacy benefits of self custody with the low-cost simplicity and mobile-first design that you’re accustomed to with TradFi products.”