The launch of Coinbase’s NFT marketplace has been widely anticipated in the cryptocurrency community. And then Coinbase shares on its Twitter handle that its NFT marketplace will launch “soon.”
Coinbase is one of the largest and most well-known cryptocurrency exchanges in the United States. Coinbase NFT is a peer-to-peer marketplace allowing users to discover, mint, purchase, and showcase NFTs.
Coinbase announced the launch of this NFT marketplace with an introduction post about its global search for content creators. Allegedly, this NFT venture has met with over a hundred content creators to plan the launch. An official tentative launch date has yet to be announced, though.
OpenSea, the largest decentralized marketplace for trading NFTs, will most likely be Coinbase’s main competitor in the space. But leveling up to it, Coinbase NFT has already registered 2.5 million NFT enthusiasts on its waiting list to access the marketplace.
According to Coinbase, the idea of “social function” will be the most significant difference between the company and its competitors. It will strive to create a more collaborative environment by facilitating interaction between platform users and creators.
There was a bold statement made by Coinbase CEO Brian Armstrong saying that the market for NFTs could rival or even be larger than the company’s cryptocurrency business.
In January, Coinbase announced a partnership with payment giant Mastercard Inc. to make the NFT purchase experience on the upcoming platform easier.
