Coinbase Enters NFT Market

Digital Currency Exchange Coinbase Global Inc announced a Non-Fungible Token (NFT) marketplace for digital artists and creators. The entry of the Coinbase Exchange into the NFT market will make it easier to buy and sell digital art that is decentralized on the blockchain.

Coinbase enters the NFT market

The NFT market, one of the most talked about topics worldwide in the last few months, continues to grow day by day. The market where we can find pretty ridiculous works, from a stone painting to a red painting made up of a single pixel and selling for tens of thousands of dollars, has emerged today with great news.

And one of the largest cryptocurrency exchanges in the world, Coinbase, officially announced in an announcement released today that it will launch its own NFT marketplace. ‘Coinbase NFT’, this marketplace will allow Coinbase users to create and purchase NFTs. Cryptocurrency Marketplace Binance, a competitor of Coinbase, opened its own NFT marketplace a few months ago.

While the NFT metaverse has seen impressive growth this year to date, there is still a major drawback to the user experience for market participants. According to Coinbase, the marketplace is packed with features that will improve the user experience and will currently support the ERC-721 and ERC-1155 standards, with multi-chain support planned soon.

“We’ll make it easy for artists to maintain creative control through decentralized contracts and metadata transparency. All NFTs are in series. The first launch will support the Ethereum-based standards ERC-721 and ERC-1155, with multi-chain support planned shortly thereafter. We will provide the best user experience, but we will never limit the creators. “said Sanchan Saxena, VP of Product, Ecosystem.

Coinbase prides itself on bridging the gap between the ecosystem and the public, as Bitcoin became a thing in its early days, the exchange says it plans to do the same with the NFT market.

Coinbase’s entry into the NFT market is trending

A look into the NFT supermarket of the largest trading platforms is suitable to capture the good market share of mainstream trading platforms such as OpenSea. OpenSea allegedly controls the majority of the total trading volume of all NFTs traded on the secondary market today. The platform’s monthly trading volume exceeded $ 3 billion in August.

While OpenSea and other marketplaces like Rarible and SuperRare are currently maintaining their leadership position as the groundbreaking NFT marketplace, the arrival of Coinbase and its competitors is expected to be challenging.

While the needs of end users are central to the success of NFT trading platforms, Coinbase said it will continue to prioritize the needs of its artists and creators.

“Creating an NFT is as simple as touching a few buttons. Anything more complex is an obstacle to creativity. Coinbase NFT will be a peer-to-peer marketplace that stimulates the imagination. With an intuitive design built on a decentralized marketplace, Coinbase NFT puts art and the artist’s experience first. “said Coinbase CEO.

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“Creating an NFT is as simple as touching a few buttons. Anything more complex is an obstacle to creativity. Coinbase NFT will be a peer-to-peer marketplace that stimulates the imagination. With an intuitive design built on a decentralized marketplace, Coinbase NFT puts art and the artist’s experience first. “said Coinbase CEO.

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