In Brief:
- Coinbase has opened up a waitlist for a newly launched NFT marketplace.
- Coinbase users will be able to mint, collect, and trade non-fungible tokens (NFTs).
- The entry of Coinbase into the NFT industry could pose a challenge to established marketplaces such as OpenSea and Rarible.
Coinbase, a major crypto exchange, has announced that it will launch the NFT marketplace later this year.
Sanchan Saxena, vice president of product and ecosystem at Coinbase, said the NFT marketplace will enable its users to mint, purchase, discover, and showcase Ethereum-based tokens.
Saxena said in a blog post, the offering will allow creators to remain in control of their artwork “by ensuring decentralized contracts and metadata transparency,” with all NFTs on-chain.
Coinbase said in a blog post, “NFT artists have shaken-up the traditional art world. Industries such as fashion, gaming, and music are recognizing the power of NFTs to unlock new forms of creativity and ownership. But if you’ve tried to create or purchase an NFT, you’ve probably found the user experience lacking. We can help.”
Coinbase’s announcement follows that of FTX and its United States subsidiary, which has introduced a marketplace that enables users to trade NFTs across blockchains using the Ethereum and Solana blockchains.
The entry of Coinbase into the NFT industry could pose a challenge to established marketplaces such as OpenSea and Rarible. As of data till Q2 of 2021 Coinbase has 68 million verified users and 8.8 million monthly active users.
