Coinbase Global will join the NFT group by the end of this year.
The largest cryptocurrency exchange in the United States stated on Tuesday that Coinbase NFT, its peer-to-peer marketplace, allows users to mint, buy, display and discover NFTs.
The first launch supports ETH-based ERC-721 and ERC-1155 standards, and there are plans to provide multichain support in the future.
The company stated that it plans to create an NFT, that is simply a tap of a few buttons. “Anything more complex is an obstacle to creativity.”
To personalize the experience, Coinbase added that users can make their personal feeds to support them to join with like-minded artists. The exchange is opening a waiting list for early entry to Coinbase NFT on Tuesday.
The release of Coinbase starts while other cryptocurrency exchanges have stepped into the NFT world.
Coinbase NFT will lunch its marketplace soon (Updated 15 March 2022)
Coinbase NFT, the official Twitter account for Coinbase’s planned NFT marketplace, said on March 14 that its team has met with over 100 content providers to work on the launch of their new NFT marketplace.
However, there is no formal debut date specified as of yet. What is clear is that the marketplace will launch soon and will offer a variety of tools and technology that the competition does not.
The main change, according to Coinbase, will be a new “social feature” that intends to encourage interaction between artists and users, allowing them to create an ever-growing community of creators.
According to Brian Armstrong, CEO of Coinbase, the NFT market may one day replace cryptocurrencies, which is why the company is building a marketplace that offers a more immersive experience, comparable to that of social media platforms like Instagram or Facebook.
“We are very excited about NFTs, this is going to be a very large area for crypto in the future, and it already is today,”
“We are very excited about NFTs, this is going to be a very large area for crypto in the future, and it already is today,”
Coinbase NFT has received over 2.5 million registrations from clients on the platform’s waiting list just 5 months after its debut.
OpenSea, Coinbase NFT’s major competitor, has seen a 15% reduction in internal transactions and active users over the last 30 days, according to DappRadar statistics. Even the transactional volume decreased by 42.65%. As a result, the launch of Coinbase’s new platform may not be a bad idea.
The new Coinbase NFT marketplace was launched on October 12, 2021. If it became the top exchange in the United States, it would compete directly with other giants such as OpenSea, Rarible, NBA Top Shot Marketplace, Binance NFT, and Crypto.com.
