Coinbase Joins the NFT Craze: Plans to Launch Its Own Marketplace

The leading American cryptocurrency platform – Coinbase – said it will launch a peer-to-peer non-fungible token marketplace called Coinbase NFT. Users can join a waitlist for early access and regular updates.

Coinbase Expanding into The NFT Universe

In a recent blog post, one of the largest digital asset exchanges revealed it will enable its customers to mint, purchase, showcase, and discover non-fungible tokens on a new platform – Coinbase NFT and offered some details on how it will work.

“We’re making NFTs more accessible by building user-friendly interfaces that put the complexity behind the scenes. We’re adding social features that open new avenues for conversation and discovery. And we’re going to grow the creator community exponentially, a win for artists and for fans.”

Coinbase noted that the initial launch will support Ethereum-based ERC-721 tokens, while later on, it intends to bring on ERC-1155 standards with multi-chain support.

The cryptocurrency exchange added that people have the desire to express their talent and individuality. As such, non-fungible tokens represent a “universal way for creators to own, control, and benefit from their creations.”

As of the moment, the largest digital marketplace for crypto collectibles and non-fungible tokens is OpenSea. This summer, the decentralized platform recorded a massive milestone, as its trading volume hit the $1 billion mark in August, which was an increase of nearly 1,000% year-on-year.

FTX Also Dived into The NFT Craze

It is worth noting that another giant digital asset exchange – FTX – also recently launched its non-fungible token marketplace. Initially, the trading venue allowed only US-based customers to join in.

Named Solana NFT Marketplace, digital collectibles on the new platform must be on the Solana blockchain. However, FTX has plans to support Ethereum-based tokens in the near future, which are the industry standard.

Many celebrities, actors (Lindsay Lohan), musicians (Eminem), and prominent sportsmen (Tom Brady) have recently shown interest in non-fungible tokens or have even introduced their own digital collection. FTX outlined that trend and raised hopes that the Solana NFT Marketplace would be a top choice in its field:

“We decided to create an NFT marketplace on FTX US after becoming immersed ourselves in the NFT ecosystem. The NFT ecosystem has started to infiltrate pop culture, but has been lacking a platform that provides easy access and exposure to the mainstream audience.”