Coinbase plans to launch a marketplace for NFTs as the largest US exchange for trading crypto assets joins the boom in digital collectibles.
The cryptocurrency exchange said Tuesday it plans to launch a marketplace that lets users mint, collect and trade NFTs, or non-fungible tokens. Users can sign up to a waitlist for early access to the feature, the company said.
Coinbase has limited details to share on its upcoming platform, but notes in a blog post that they hope to more deeply integrate social features into the platform. “Coinbase NFT will make minting, purchasing, showcasing, and discovering NFTs easier than ever. We’re making NFTs more accessible by building intuitive interfaces that put the complexity behind the scenes. We’re adding social features that open new avenues for conversation & discovery.”
NFTs are unique digital tokens that are secured using the same technology behind cryptocurrencies, and the intangible assets have gained in popularity over the past year. They can be works of art, videos, photographs, memes and much more. But there are far more buyers, so far, than sellers, driving up the price for those seeking to own the tokens either for sentimental or investment reasons.
It’s not yet clear which blockchains Coinbase NFT will support, though it’s very likely that it will host Ethereum NFTs at the very least. Though other Layer 1 blockchains like Solana, Polygon, Fantom, and Binance Smart Chain have all hosted NFTs in various forms this year, Ethereum is widely considered the home of the ecosystem.
As Coinbase adjusts to potential regulatory scrutiny, NFTs continue to rake in gargantuan amounts of cash across the board, according to a Dapp Industry Report in early-October. The NFT space generated roughly $10.67 billion in trading volume during Q3, an increase of 704% from the quarter before.
