Coinbase Announces NFT Marketplace, Date of Lauch Remains Undisclosed

Coinbase, founded in 2011, is now engaging with NFT creators to garner their insights to customising its NFT marketplace.

By Radhika Parashar | Updated: 15 March 2022 18:54 IST

Coinbase Announces NFT Marketplace, Date of Lauch Remains Undisclosed

Photo Credit: Reuters

Coinbase has been planning its NFT platform since last year

Highlights

Coinbase has not revealed launch date for NFT marketplace
Coinbase was founded in 2011 and operates as crypto exchange
NFT trends seem to be on the decline of late

Coinbase is set to launch its peer-to-peer marketplace for digital collectibles, or non-fungible tokens (NFTs). The US-based crypto exchange announced that it plans to allow users to discover, mint, purchase, and showcase their NFTs. The launch date for this platform has not been revealed as of yet. The Coinbase NFT platform will be competing with existing players in the sector like OpenSea and LooksRare among others. NFTs are supported on the blockchain technology and make for integral elements of the metaverse sector. NFTs can be inspired by a wide array of entities including gaming characters, music, and videos.

Coinbase announced the development on Twitter, while also revealing that it is building its NFT marketplace based on community feedback.

The company, founded in 2011, is now engaging with NFT creators to garner their insights.

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Wen Coinbase NFT? Soon.

We recently met with 100+ creators and we're continuing to build the product based on community feedback. We appreciate your patience and can't wait to show you what we're cooking up.

:blue_heart::pray::soon: -Coinbase NFT
— Coinbase NFT (@Coinbase_NFT) March 14, 2022

The crypto exchange first opened up about its intensions to bring an NFT marketplace in 2021.

At the time, Coinbase had claimed that its NFT business could be more successful than its crypto arm, Fortune had reported.

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Coinbase NFT has reportedly received over 2.5 million registrations on the waiting list to join the platform.

The volume of NFT sales crossed, the mark of $25 billion (roughly Rs. 1,84,700 crore) in 2021.

Of late, platforms like the New York Stock Exchange, Rakuten, and Parler have begun implementing their respective plans of foraying into the NFT sector.

It is, however noteworthy, that recent Google Trends data revealed that NFT-related search volumes dipped massively in March 2022.

Similarly, NFT resource NonFungible data has also indicated that trade volume per week for NFTs are on the decline. Its findings claimed that the average selling price of an NFT has declined to under $2,000 (roughly Rs. 1.5 lakh), compared with an all-time high of almost $6,900 (roughly Rs. 5.3 lakh) at the beginning of 2022.

The classification of NFTs is currently a topic under discussions in several parts of the world.

The US Securities and Exchange Commission is scrutinising creators of NFTs and the marketplaces where they trade to determine if some of the assets run afoul of the agency's rules.

South Korean and Indian authorities are yet to declare if NFTs fall under the virtual assets category.

This week on Orbital, the Gadgets 360 podcast, we dive into Apple's Peek Performance event. Orbital is available on Spotify, Gaana, JioSaavn, Google Podcasts, Apple Podcasts, Amazon Music and wherever you get your podcasts.

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Further reading: NFT, Non Fungible Token, Coinbase, OpenSea, LooksRare

Radhika Parashar

Email Radhika

Radhika Parashar is a senior correspondent for Gadgets 360. She has been reporting on tech and telecom for the last three years now and will be focussing on writing about all things crypto. Besides this, she is a major sitcom nerd and often replies in Chandler Bing and Michael Scott references. For tips or queries you could reach out to her at RadhikaP@ndtv.com. More