The NFT market continues to be the most competitive part of the crypto world, and recently, Coinbase announced its plan to join the space and rival others like Binance and FTX. While the platform is still in the works, Coinbase has started a user waitlist to gain access to Coinbase NFT.
Experts have said NFT is the future of technology in our Century, and without much hesitation, multi million dollar companies are venturing into this space. Implementation of Non Fungible Tokens into several various sectors and industries has been seen reoccurring in the past few months. NFTs are unique which give reasons for their continuous use case in various industries.
Coinbase, which was founded in 2012 initially only allowed Bitcoin trading but further included several other cryptocurrencies like Ethereum, Litecoin, Bitcoin Cash, XRP that fit its decentralised criteria. Coinbase is BIG, and their decision to create an NFT marketplace where users will be able to buy, sell and mint NFTs or tokens is BIG. The marketplace would include “social features” and is said to be a better user-friendly platform than contemporaries.
The Vice President of Product Sanchan S Saxena noted in a statistics that;
“We are getting massively insane loads on our servers, and our team is working hard to get this resolved. Check back soon!”
Coinbase boss Brian Armstrong also reaffirmed this in a tweet that,
“Over 1M people have signed up for Coinbase NFT since we launched yesterday.”
The uniqueness of Coinbase NFT
Coinbase sets a standard for its forthcoming marketplace and has also ensured that its users have a wonderful user experience on its NFT marketplace. According to the details mentioned, Coinbase NFT needs no KYC requirements for the users as they sell, or mint but would be under their custody in their wallets.
Integrating the Ethereum Network, the initial launch will support Ethereum based ERC-721, and ERC-1155 standards with multi-chain support planned soon after. “However, it was also noted that the investors and general public did not receive this news optimistically as the stock of Coinbase fell by 3%. While Bitcoin was trading above the 50k price level, Coinbase stock fell below the $250 mark.
Coinbase has about 68 million verified users and 8.8 million monthly active users as of Q2 2021 while the Q3 earnings will be released by November 9, it is expected that the Coinbase NFT will release the profits in Q4, 2021.
The marketplace will come by the end of this year, but we can expect sooner arrivals too. Coinbase might be seen to be in direct competition with big NFT platform US NFT, although this focuses on Solana based NFTs. Data from DappRadar reveals that OpenSea has a rolling 30-day average of 260,903 unique wallet addresses which have conducted a combined total of 2.49 million transactions over the past month. This means that Coinbase’s waitlist is larger than OpenSea’s active wallets.
Coinbase’s revolutionary move in creating an NFT marketplace would pave the way for several other big names in various industries towards venturing into the money-making NFT business. Hopefully, this would change the course of how NFT and Cryptocurrency would be viewed around the world.