Non-fungible tokens (NFTs) continue to break cryptocurrency records, with platforms earning millions of dollars in sales every day and new artists utilising blockchain technology. Now that NFTs are recognised as global digital assets and are growing appeal across a wide range of businesses, including some of the world’s most renowned celebrities aping into the Bored Ape Club, it’s easy to see why the world’s top players in crypto want a piece of the action.
Coinbase Global Inc., as one of the major cryptocurrency exchanges, makes logical that it would provide its 73 million members with an easy entry into the realm of NFTs. Because of the flood of users on Coinbase and the platform’s broad reach, it makes logical to create a specialised online marketplace for trading NFTs.
The Coinbase NFT platform brings together artists, musicians, creators, and crypto aficionados to make and acquire NFTs on a single platform. It allows its massive user base of 73 million people in over 100 countries to buy, mint, and bid on NFTs.
With over 3 million users on the Coinbase NFT platform queue, it is reasonable to conclude there is a high demand for this expansion to Coinbase’s existing crypto market offerings. Platforms like as Opensea and LooksRare are two of the most popular places for investors to buy and sell NFTs.
Coinbase NFT has 3,701,544 users signed up on their waitlist.
This number will nearly 𝘵𝘳𝘪𝘱𝘭𝘦 the amount of wallets interacting with non-fungible tokens.
NFTs are going to take ETH to a bull market whether people like it or not. pic.twitter.com/Y2CZ3br7f7
— croissant (@CroissantEth) February 21, 2022
Coinbase wants to make it easier for everyone to buy and sell NFTs. Users will not need cryptocurrencies in their wallets to acquire NFTs because Coinbase will accept Mastercard Inc. (NYSE: MA) purchases directly on the site. However, in order to store NFTs, users will still require a crypto wallet. The Coinbase NFT platform will compete with some of the most prominent NFT marketplaces currently in operation.
Coinbase has announced the launch of an NFT marketplace in October 2021 and has recently teamed with Mastercard to create a more convenient payment channel. Although you can join the platform’s waiting list, there is no word on when the marketplace will go online.