Coinbase to Launch Its Own NFT Marketplace

Coinbase, a US-listed cryptocurrency Exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term, announced on Tuesday the launch of its waiting list for its non-fungible tokens (NFTs) marketplace, Coinbase NFT. According to a press release shared with Finance Magnates, users will be able to mint, purchase and showcase NFTs.

The initial launch will support Ethereum Ethereum Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Ethereum is an open source, blockchain-based distributed computing platform and operating system featuring smart contract functionality. Created in 2014, Ethereum now stands as the second largest cryptocurrency by market cap at the time of writing.As a decentralized cryptocurrency network and software platform, Ethereum represents the most prominent altcoin. Ethereum also enables the creation Distributed Applications, or dapps. Understanding EthereumEthereum boasts its own programming language, Read this Term-based ERC-721 and ERC-1155 standards, and Coinbase confirmed it will have multi-chain support in the ‘near future’.

“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. (…) We’re making NFTs more accessible by building user-friendly interfaces that put the complexity behind the scenes. We’re adding social features that open new avenues for conversation and discovery. And, we’re going to grow the creator community exponentially, a win for artists and for fans,” Sanchan Saxena, VP of Product, Ecosystem at Coinbase, commented on the NFT marketplace.

That said, Coinbase NFT will be a peer-to-peer marketplace whose filters will be based on the user’s interests. “People are inherently creative. We create art, express our individuality, build community and seek meaning. But, there’s never been a universal way for creators to own, control and benefit from their creations, particularly in the digital world,” Saxena added.

NFT Activity Metrics during Summer 2021

NFT trading activity had been rising significantly, with numbers skyrocketing as seen over the summer. It had around 280,000 unique buyers and sellers by the end of August, according to metrics collected by Statista.

The announcement comes weeks after the US-listed crypto company announced that it would add phone support and deploy a series of measures to strengthen its customer support area. Coinbase stated in September that 24/7 phone assistance would be available by the end of the year for all retail customers from the United States, Germany, Japan and the United Kingdom.