Coinbase is getting in on the NFT craze
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UPDATE 4/20/2022 12:38 PM ET: Coinbase’s NFT marketplace is now open for business. The platform is opening up the NFT marketplace to users who joined the waitlist. The original story follows below.
NFTs, those non-fungible tokens for artwork that really make no sense, are having a great year, with trade volume exceeding $10 billion in quarter three of 2021. Now, Coinbase is getting in on the action.
Announced this week, Coinbase will soon offer an NFT marketplace for its users, allowing them to display, mint, purchase, and trade NFTs directly through the platform.
The company says it wants to make things like discoverability a priority, giving more creators the chance to have their artwork and other digital assets shown off. Buying NFTs will be done with Ethereum and all of the artwork will be on-chain.
This will also be done through social engagement, which Coinbase says will be a big part of its NFT marketplace. “By fostering connections, Coinbase NFT will help creators, collectors, and fans build community. Based on your interests we’ll curate your personal feed,” states the blog.
Coinbase says the NFT marketplace will be launching in late 2021, and users can sign up for the waitlist now.
Overall, this move makes sense for Coinbase, which is one of the largest crypto exchanges out there. Adding NFT functionality will certainly help it maintain its place on the leaderboard.
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