The rise of cryptocurrency has opened possibilities for investors as well as developers. The non-fungible tokens, based on the same blockchain technology, are just a case in point. Their wild popularity has led to the emergence of a new trading approach and companies invested in the evolving industry are trying to tap the growing market. The latest to do so is crypto exchange Coinbase, which has announced that it will launch a peer-to-peer NFT marketplace this year and has already opened a waiting list for it.
Coinbase said in a blog post that its marketplace will make “minting, purchasing, showcasing, and discovering NFTs easier than ever”. Sanchan Saxena, Coinbase Vice President of Product and Ecosystem, said creators on the marketplace will be able to maintain control of their artwork “through decentralised contracts and metadata transparency”. All NFTs are on-chain and multi-chain support will launch soon after, he added.
Saxena said that buying and selling will be core features of Coinbase NFT, but they are also trying to make it a platform for social engagement. “Based on your interests we'll curate your personal feed. Your profile will showcase all your NFTs in one place, helping you connect with like-minded fans or artists. The social element shapes the future by sharing passions, birthing new collaborations, and firing up the imagination,” he added.
You can join the waiting list here.
The announcement by Coinbase is the latest after FTX and Binance, the world's largest exchange. FTX and its US subsidiary, recently launched its NFT marketplace enabling users to trade NFTs across platforms like Ethereum and Solana blockchains. Binance entered the NFT market in June.
Coinbase's entry into the NFT industry could provide competition for established marketplaces like OpenSea. According to a letter by the management to shareholders dated August 10, Coinbase has a user base of 68 million and 8.8 million monthly active users as of the second quarter of this year.
Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts. Affiliate links may be automatically generated - see our ethics statement for details.