The rise of cryptocurrency has opened up possibilities for investors as well as developers. Non-fungible tokens, based on the same blockchain technology, are just one example. Their wild popularity has led to the emergence of a new business approach and companies invested in the evolving industry are trying to tap into the growing market. The latest is the crypto exchange Coinbase, which has announced that it will launch a peer-to-peer NFT market this year and has already opened a waiting list for it.
Coinbase said in a blog post that its market would make it easier than ever to “type, buy, showcase and discover NFTs.” Sanchan Saxena, vice president of products and ecosystems at Coinbase, said market makers will be able to maintain control over their works “through decentralized contracts and metadata transparency.” All NFTs are on-chain and multi-channel support will launch shortly thereafter, he added.
Saxena said buying and selling will be core functionality of Coinbase NFT, but they are also trying to make it a platform for social engagement. “Depending on your interests, we will organize your personal flow. Your profile will showcase all of your NFTs in one place, helping you connect with like-minded fans or artists. The social element shapes the future by sharing passions, giving birth to new collaborations and stimulating the imagination, ”he added.
You can sign up for the waiting list here.
Coinbase’s announcement is the latest after FTX and Binance, the world’s largest exchange. FTX and its US subsidiary recently launched its NFT marketplace allowing users to trade NFTs on platforms such as the Ethereum and Solana blockchains. Binance entered the NFT market in June.
Coinbase’s entry into the NFT industry could compete for established markets like OpenSea. According to a management letter to shareholders dated August 10, Coinbase has a user base of 68 million and 8.8 million monthly active users in the second quarter of this year.