US crypto exchange Coinbase announced its plans on Tuesday to launch a marketplace that would let users mint, collect, and trade non-fungible tokens (NFTs).
Coinbase NFT In The Works
As per the announcement, the Coinbase NFT marketplace is aligned to be creative. Initially, the marketplace will support Ethereum based ERC-721 and ERC-1155 NFT standards. It hopes to expand to multi-chain support shortly after.
It will include ‘social features’ to support today’s digital content creators. Even though the marketplace is yet to be launched, the company has announced that users can sign up for a waitlist for early access to the feature. The Twitter announcement from the company read
“We’re excited to announce the fast-approaching launch of Coinbase NFT, a new peer-to-peer marketplace where you’ll be able to create, buy, sell, and share NFTs.”
Creator First For Coinbase NFT
The company also released a public statement on its website, giving further information behind the motivation and purpose of launching the NFT marketplace. Coinbase is increasing the accessibility and ease-of-use factor for NFTs. The team is building user-friendly interfaces through intuitive design for the new marketplace to open up channels of creativity.
Additionally, the social features will open up conversations and assist in building the creator community. The platform will allow artists to curate their own personal feed and profile, showcasing all their NFTs. This will allow fans and artists to interact and connect with each other for enhanced creativity and will open doors for new collaborations.
Plus, the platform wants all artists to retain their creative control, through decentralized contracts, metadata transparency, and by keeping the NFTs on-chain.
NFT Craze Spreads To Crypto Exchanges
The NFT market has been one of the most talked-about features in the crypto industry this year. According to crypto analyst firm DappRadar, the NFT market totaled around $10 billion in transaction volume in Q3 of 2021. With artworks going for millions of dollars, many institutions and startups are turning towards NFTs to make the most of the situation. Coinbase is not the first exchange to branch out into NFTs. Most recently, the crypto derivatives exchange FTX launched a Solana-based NFT marketplace on its platform. As of now, OpenSea is still the largest NFT marketplace in the world. However, the controversial insider trading that happened at OpenSea last month might turn some artists off of the platform and look for alternatives like Coinbase NFT.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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