Daily Crunch: ‘For a limited time,’ Coinbase’s new NFT marketplace will waive transaction fees


An image of Coinbase NFT shop with Creature World NFTs
Image Credits: Coinbase

To get a roundup of TechCrunch’s biggest and most important stories delivered to your inbox every day at 3 p.m. PT, subscribe here.

Happy 20th of April, 2022, which has no particular significance and we are not making any jokes. It’s been a strange news day, but never fear, we have some great stories for you to peruse. Today’s Equity podcast is a good one, with Alex and Natasha discussing startup myths and assumptions.

Don’t forget that Found, the TechCrunch podcast where founders talk about the stories behind their startups, was nominated for a Webby for best technology podcast. We need your help with some votes, so cast yours today — voting closes tomorrow!

Car enthusiasts and those who like to talk about all things movement-related, it’s time to secure your tickets for next month’s TC Sessions: Mobility 2022. Waymo co-CEO Dmitri Dolgov will join us for a fireside chat. There’s something here for everyone, even university students that have some good mobility ideas. And while you’re procuring tickets, grab one for October’s TechCrunch Disrupt.

Take care, and we’ll see you here again tomorrow! – Christine and Haje

The TechCrunch Top 3

  • NFT shoppers unite!: Coinbase’s long-awaited NFT marketplace launched in a beta form for those who find joy in trading digital collectibles. The company aims to make this a “web3 social marketplace.” Get in all the buying and selling you can before Coinbase starts charging transaction fees. And look out for the future collection drops.
  • If you thought the Flutterwave drama was over, you would be wrong: Earlier this month, Tage brought you the story of a former Flutterwave employee accusing CEO Olugbenga ‘GB’ Agboola of bullying and harassing. Well, in the wee morning hours, Tage laid out more of the story based on an employee email obtained by TechCrunch. In it, Agboola addresses the allegations that include sexual harassment and how he initially started the company. However, we note there are still a few things not addressed, like fraudulent activity accusations. Get the broom; it’s a mess!
  • Bringing beauty salons into the digital era: The beauty industry is not often one venture capital firms flock to, so that’s why it’s great to see a company like Colombia-based Morado, a digital beauty marketplace supplying salons with all the gadgets and gizmos needed to operate, get some attention from some big names like Tiger Global, a16z and H2O Capital.

Startups and VC

Love ‘em or loathe ‘em, NFTs are all the rage, and a small subset of people are raking in the cash in the process. In a TC+ analysis, Jacquelyn wonders how the market is going to survive the volatility and the outliers-driven market dynamics. Fascinating and well worth a read (and a TC+ subscription, if you haven’t given our subs team the $50 worth of annual subscription tokens yet).

In yesterday’s Daily Crunch, we listed a firehose of new funds. One day late (how dare they not jump on our entirely arbitrary bandwagon), AWS announced a $30 million fund aimed especially at minority founders.

Meanwhile, in the most life-imitates-art (looking at you, “Silicon Valley”) story I’ve written for TechCrunch to date, Social Local Mobile Commerce (SoLoMoCo) app Tulu raised a chunk of cash to bring the sharing economy to your apartment building.

More? You want more? I gotchu:

Study up on churn rate basics to set customer and revenue benchmarks

Warning sign cliff ahead, West fjords, Iceland
Image Credits: Arctic Images (opens in a new window) / Getty Images

Whether it’s a neighborhood gym or a SaaS decacorn, every company that relies on recurring revenue watches its churn rate closely.

Churn “is complex and confusing,” says Sid Jain, a senior analyst at ChartMogul, but for early-stage companies, it’s one of a few real-time metrics that can help founders run experiments and gather feedback quickly.

Jain explains the differences between customer and revenue churn, shares formulas for calculating benchmarks, and answers the question: “What is a good monthly churn rate?”

If you’re starting to think about recurring revenue, or know someone who is, please read and share.

(TechCrunch+ is our membership program, which helps founders and startup teams get ahead. You can sign up here.)

Study up on churn rate basics to set customer and revenue benchmarks

Big Tech Inc.

More TechCrunch

Keeping up with an industry as fast-moving as AI is a tall order. So until an AI can do it for you, here’s a handy roundup of recent stories in the world…

This Week in AI: OpenAI moves away from safety

After Apple loosened its App Store guidelines to permit game emulators, the retro game emulator Delta — an app 10 years in the making — hit the top of the…

Adobe comes after indie game emulator Delta for copying its logo

Meta is once again taking on its competitors by developing a feature that borrows concepts from others — in this case, BeReal and Snapchat. The company is developing a feature…

Meta’s latest experiment borrows from BeReal’s and Snapchat’s core ideas

Welcome to Startups Weekly! We’ve been drowning in AI news this week, with Google’s I/O setting the pace. And Elon Musk rages against the machine.

Startups Weekly: It’s the dawning of the age of AI — plus,  Musk is raging against the machine

IndieBio’s Bay Area incubator is about to debut its 15th cohort of biotech startups. We took special note of a few, which were making some major, bordering on ludicrous, claims…

IndieBio’s SF incubator lineup is making some wild biotech promises

YouTube TV has announced that its multiview feature for watching four streams at once is now available on Android phones and tablets. The Android launch comes two months after YouTube…

YouTube TV’s ‘multiview’ feature is now available on Android phones and tablets

Featured Article

Two Santa Cruz students uncover security bug that could let millions do their laundry for free

CSC ServiceWorks provides laundry machines to thousands of residential homes and universities, but the company ignored requests to fix a security bug.

22 hours ago
Two Santa Cruz students uncover security bug that could let millions do their laundry for free

OpenAI’s Superalignment team, responsible for developing ways to govern and steer “superintelligent” AI systems, was promised 20% of the company’s compute resources, according to a person from that team. But…

OpenAI created a team to control ‘superintelligent’ AI — then let it wither, source says

TechCrunch Disrupt 2024 is just around the corner, and the buzz is palpable. But what if we told you there’s a chance for you to not just attend, but also…

Harness the TechCrunch Effect: Host a Side Event at Disrupt 2024

Decks are all about telling a compelling story and Goodcarbon does a good job on that front. But there’s important information missing too.

Pitch Deck Teardown: Goodcarbon’s $5.5M seed deck

Slack is making it difficult for its customers if they want the company to stop using its data for model training.

Slack under attack over sneaky AI training policy

A Texas-based company that provides health insurance and benefit plans disclosed a data breach affecting almost 2.5 million people, some of whom had their Social Security number stolen. WebTPA said…

Healthcare company WebTPA discloses breach affecting 2.5 million people

Featured Article

Microsoft dodges UK antitrust scrutiny over its Mistral AI stake

Microsoft won’t be facing antitrust scrutiny in the U.K. over its recent investment into French AI startup Mistral AI.

23 hours ago
Microsoft dodges UK antitrust scrutiny over its Mistral AI stake

Ember has partnered with HSBC in the U.K. so that the bank’s business customers can access Ember’s services from their online accounts.

Embedded finance is still trendy as accounting automation startup Ember partners with HSBC UK

Kudos uses AI to figure out consumer spending habits so it can then provide more personalized financial advice, like maximizing rewards and utilizing credit effectively.

Kudos lands $10M for an AI smart wallet that picks the best credit card for purchases

The EU’s warning comes after Microsoft failed to respond to a legally binding request for information that focused on its generative AI tools.

EU warns Microsoft it could be fined billions over missing GenAI risk info

The prospects for troubled banking-as-a-service startup Synapse have gone from bad to worse this week after a United States Trustee filed an emergency motion on Wednesday.  The trustee is asking…

A US Trustee wants troubled fintech Synapse to be liquidated via Chapter 7 bankruptcy, cites ‘gross mismanagement’

U.K.-based Seraphim Space is spinning up its 13th accelerator program, with nine participating companies working on a range of tech from propulsion to in-space manufacturing and space situational awareness. The…

Seraphim’s latest space accelerator welcomes nine companies

OpenAI has reached a deal with Reddit to use the social news site’s data for training AI models. In a blog post on OpenAI’s press relations site, the company said…

OpenAI inks deal to train AI on Reddit data

X users will now be able to discover posts from new Communities that are trending directly from an Explore tab within the section.

X pushes more users to Communities

For Mark Zuckerberg’s 40th birthday, his wife got him a photoshoot. Zuckerberg gives the camera a sly smile as he sits amid a carefully crafted re-creation of his childhood bedroom.…

Mark Zuckerberg’s makeover: Midlife crisis or carefully crafted rebrand?

Strava announced a slew of features, including AI to weed out leaderboard cheats, a new ‘family’ subscription plan, dark mode and more.

Strava taps AI to weed out leaderboard cheats, unveils ‘family’ plan, dark mode and more

We all fall down sometimes. Astronauts are no exception. You need to be in peak physical condition for space travel, but bulky space suits and lower gravity levels can be…

Astronauts fall over. Robotic limbs can help them back up.

Microsoft will launch its custom Cobalt 100 chips to customers as a public preview at its Build conference next week, TechCrunch has learned. In an analyst briefing ahead of Build,…

Microsoft’s custom Cobalt chips will come to Azure next week

What a wild week for transportation news! It was a smorgasbord of news that seemed to touch every sector and theme in transportation.

Tesla keeps cutting jobs and the feds probe Waymo

Sony Music Group has sent letters to more than 700 tech companies and music streaming services to warn them not to use its music to train AI without explicit permission.…

Sony Music warns tech companies over ‘unauthorized’ use of its content to train AI

Winston Chi, Butter’s founder and CEO, told TechCrunch that “most parties, including our investors and us, are making money” from the exit.

GrubMarket buys Butter to give its food distribution tech an AI boost

The investor lawsuit is related to Bolt securing a $30 million personal loan to Ryan Breslow, which was later defaulted on.

Bolt founder Ryan Breslow wants to settle an investor lawsuit by returning $37 million worth of shares

Meta, the parent company of Facebook, launched an enterprise version of the prominent social network in 2015. It always seemed like a stretch for a company built on a consumer…

With the end of Workplace, it’s fair to wonder if Meta was ever serious about the enterprise

X, formerly Twitter, turned TweetDeck into X Pro and pushed it behind a paywall. But there is a new column-based social media tool in town, and it’s from Instagram Threads.…

Meta Threads is testing pinned columns on the web, similar to the old TweetDeck