The rise of cryptocurrency has opened up opportunities for both investors and developers. The non-fungible tokens based on the same blockchain technology are just one example of this. Their huge popularity has led to the emergence of a new approach to trading and companies that have invested in the developing industry are trying to enter the growing market. The most recent is the 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, buying, displaying and discovering NFTs easier than ever”. Sanchan Saxena, Coinbase vice president of Product and Ecosystem, said creators in the marketplace can maintain control of their artwork “through decentralized contracts and metadata transparency.” All NFTs are on-chain and multi-chain support will be introduced soon after, he added.
Saxena said buying and selling will be the core functions of Coinbase NFT, but they are also trying to make it a social engagement platform. “We will put together your personal feed based on your interests. Your profile shows all of your NFTs in one place and helps you connect with like-minded fans or artists. The social element shapes the future by sharing passions, creating new collaborations and stimulating the imagination, ”he added.
Here you can add yourself to the waiting list.
Coinbase’s announcement is the latest after FTX and Binance, the world’s largest exchange. FTX and its US subsidiary recently launched their NFT marketplace, which allows users to trade NFTs across platforms such as Ethereum and Solana blockchains. Binance entered the NFT market in June.
Coinbase’s entry into the NFT industry could compete with established marketplaces like OpenSea. According to a letter from management to shareholders on August 10, Coinbase has a user base of 68 million and 8.8 million monthly active users in the second quarter of this year.
Interested in cryptocurrency? We discuss everything about 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 anywhere you get your podcasts.
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