Coinbase cryptocurrency exchange is following in the footstep of Binance and FTX in launching a peer-to-peer marketplace for non-fungible tokens (NFTs). The exchange announced Coinbase NFT will make minting, purchasing, showcasing, and discovering NFTs easier than ever.
The NASDAQ-listed cryptocurrency trading platform has unveiled plans for its NFT marketplace for digital artists and creators. According to the exchange, the initiative is meant to facilitate the buying and selling of digital artworks resident on the blockchain in a decentralized manner. Coinbase vice president of product Sanchan Saxena said in the blog post:
“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 the NFTs […] we will make it effortless for artists to maintain creative control through decentralized contracts and metadata transparency […] all NFTs are on-chain.”
Coinbase NFT Marketplace will enable users to mint, trade, and showcase NFTs
The digital platform said Coinbase NFT Marketplace intends to enable its 68 million verified users and 8.8 million active users to mint, trade, and showcase NFTs. Users can already sign up on the portal’s waiting list to get early access to the feature under development. Saxena added:
“We will make it effortless for artists to maintain creative control through decentralized contracts and metadata transparency. All NFTs are on-chain. The initial launch will support Ethereum based ERC-721, and ERC-1155 standards with multi-chain support planned soon after. We’ll provide the best user experience, but we’ll never lock creators in.”
The cryptocurrency exchanges’ entry into the NFT world will most likely grab a significant market share from mainstream NFT platforms like OpenSea. Statistics indicate that OpenSea still controls the lion’s share of NFTs trading with a transaction volume of over $3 billion in August.
Enhancing further adoption of digital art
Apart from OpenSea and other leading NFT marketplaces like Rarible, and SuperRare, the entry of Coinbase NFT marketplace and other cryptocurrency exchanges is likely to challenge the market leaders and hopefully enhance further adoption of the digital arts by retail collectors. Whereas the need of the final consumer is central to the success of NFT trading platforms, Coinbase said it would prioritize the needs of its artists and creators. The Coinbase executive said:
“Creating an NFT should be as simple as tapping a few buttons. Anything more complicated is a barrier to creativity. Coinbase NFT will be a peer-to-peer marketplace that empowers the imagination. With an intuitive design built on top of a decentralized marketplace, Coinbase NFT puts the art and artist’s experience at the forefront.”
Tom is a long-serving freelance writer who specializes in the blockchain and cryptocurrency niche. You may even call him a crypto-enthusiast with over 10-years’ experience in content creation, blog writing, and SEO. He is a philosophical figurehead who believes that to make our world a better place, we must invest in incorruptible products and procedures, of which Bitcoin and other cryptocurrencies are leading examples.