Exchange Coinbase recently announced its plans to launch a new marketplace for non-fungible tokens (NFTs) that would allow users to mint, collect and trade.
In this article, we will discuss:
New Coinbase NFT Marketplace Is In Development
According to the announcement of the cryptocurrency exchange, the Coinbase NFT marketplace is being developed to be creative. Initially, the market will support the Ethereum-based ERC-721 and ERC-1155 NFT standards. It hopes to expand into multi-chain support soon after.
And it will have social features to support today's digital content creators. Even though the market hasn't launched yet, the company has announced that users can sign up for a waitlist for early access to the feature. The company's announcement on Twitter read
“We are excited to announce the rapidly approaching launch of Coinbase NFT, a new peer-to-peer marketplace where you can create, buy, sell and share NFTs.”
The company has also released a public statement on its website, providing more information behind the motivation and purpose of launching the NFT market. Coinbase is raising the accessibility and user-friendliness factor for NFTs in its marketplace. The team is building user-friendly interfaces through intuitive design for the new market to open channels of creativity.
Additionally, the social features will open conversations and help build the creator community. The platform will allow artists to curate their personal feed and profile, displaying all of their NFTs. This will allow fans and artists to interact and connect with each other to increase creativity and open doors to new collaborations.
The platform wants all artists to maintain their creative control, through decentralized contracts, metadata transparency and keeping NFTs on-chain.
Uptrend of the NFT market
The NFT marketplace has been one of the most talked about features in the crypto industry this year. According to DappRadar, the NFT market totaled around $10 billion in transaction volume in Q2021 XNUMX. With artwork reaching millions of dollars, many institutions and startups are turning to NFTs to make the most of it. advantage of the situation. Coinbase is not the first exchange to branch out into NFTs.
More recently, cryptocurrency derivatives exchange FTX launched a Solana-based NFT marketplace on its platform. As of now, OpenSea is still the biggest NFT marketplace in the world. However, the controversial insider trading that took place at OpenSea last month may push some performers off the platform and look to alternatives such as Coinbase NFT.