The biggest cryptocurrency exchange in the world looks to follow the NFT boom by launching a new marketplace
The biggest rival to Coinbase Global Inc. Binance launched its very own NFT marketplace back in June this year. But now, the cryptocurrency exchange states that it will now “make minting, purchasing, showcasing, and discovering NFTs easier than ever.”
NFT marketplaces and Decentralized Autonomous Organizations (DAO) are popping up all the time, with the likes of OpenSea and Foundation leading the way in terms of NFTs. But, the NFT community has the same kind of feel about it that the early days of the internet did—a very exciting time.
It can be difficult to find the right marketplace. Industry leaders like Coinbase have such a large amount of capital and the infrastructure to propel their marketplace to the top of the pile. Coinbase is investing in all areas of the crypto space, branching out, and vying for control of the industry. Coinbase even offers debit cards to spend your crypto holdings—and for those that are interested, you can see more information here.
What’s Planned for Coinbases’ NFT Marketplace?
Coinbase sets its sights on producing the place to go for NFT enthusiasts, offering a space to create, buy, advertise, and collect nonfungible tokens. Another key aspect of the Coinbase plan is to promote learning, offering new and existing customers an opportunity to educate themselves about this innovative new technology.
The goal will be to launch the marketplace by the end of the year under the name Coinbase NFT, providing a “peer-to-peer marketplace that will make minting, purchasing, showcasing, and discovering NFTs easier than ever.” The aim for Coinbase is to follow in the footsteps of their cryptocurrency exchange platform by providing customers with access to this thriving new marketplace, as was quoted by VP of product Sanchan Saxena “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.”
Unlike the Binance NFT marketplace, Coinbase will aim to provide a place for the creative nature of the industry to flourish. With the NFT movement still in its infancy, we’re still learning about what the future holds and how the landscape will shape up as time goes by. Regardless of that, the fact is there is a vast fast-growing community of buyers and sellers that are driving the price of these tokens up. From a business perspective, it’s integral that Coinbase position itself to enter the market.
NFTs are unique digital tokens that are secured using the same technology behind cryptocurrencies, and intangible assets have gained in popularity over the past year. They can be works of art, videos, photographs, or even memes. 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.
At launch the marketplace will support Ethereum-based ERC-721 and ERC 1155 standards, offering a unique user experience. While many purists will stick with exchanges like OpenSea, which has been serving the community since 2017, there is little doubt that Coinbase will come with a very polished product.