US crypto exchange Coinbase has announced that it too will be joining the non-fungible token (NFT) game, with “Coinbase NFT” expected to launch by the end of this year.
Coinbase’s NFT marketplace will allow its 43 million users to buy and sell Ethereum-based collectibles, the company announced on October 12. Coinbase currently relies on its exchange fees but is now branching out into other revenue streams.
Today, we’re announcing Coinbase NFT, a peer-to-peer marketplace that will make minting, purchasing, showcasing and discovering NFTs easier than ever. Just as Coinbase helped millions of people access Bitcoin for the first time in an easy and trusted way, we want to do the same for NFTs.
Coinbase announcement
Coinbase Cashes In On NFT Madness
NFTs have certainly been the talk of the crypto-town in recent months, with transaction volumes topping US$10 billion in the third quarter of 2021, and Coinbase has got on board.
Coinbase NFT will include “social features” and tap into the creator economy of people making money by posting content online. NFTs have become a great way to fairly compensate artists who have been negatively affected by the availability of digital media.
The crypto exchange’s newest release will provide direct competition for NFT marketplace OpenSea, currently home to the majority of Ethereum-based NFT trading.
Coinbase Making Strides in the Crypto World
News of an NFT marketplace may console Coinbase users who were left furious when the platform failed during the September 7 crypto crash. Soon after that unfortunate event, Coinbase announced that US workers could be paid in crypto via the platform.
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