Brian Armstrong, CEO of Coinbase, said on Twitter today that Coinbase’s exclusive NFT marketplace had surpassed 1 million sign-ups just yesterday, and the platform is still growing. Coinbase Global Inc. launched its Non-Fungible Token (NFT) platform for digital artists and innovators earlier this week.
Coinbase’s launch is being interpreted as the start of the NFT evolution, as it follows in the footsteps of its competitors, Binance and FTX Derivatives Exchange.
The technology, according to the exchange, will allow for the decentralized purchase and sale of digital artworks stored on the blockchain. Furthermore, Coinbase promised a better user experience because its NFT marketplace includes a slew of social features, as well as ERC-721 and ERC-1155 standards for multi-chain support.
Coinbase promised an improved marketplace that will prioritize user experience by enhancing accessibility, as well as a marketplace that is artist-friendly.
The key to selling more NFTs, according to Coinbase, is user pleasure, but the key to developing better and enhanced tokens is a marketplace that is accessible to producers as well. Along with improving user experience, the exchange announced that it will emphasize the requirements of its artists and producers.
OpenSea has a rolling 30-day average of 260,903 unique wallet addresses, which have executed a total of 2.49 million transactions over the past month, according to DappRadar data. This means that the queue for Coinbase is longer than the active wallets for OpenSea. Apart from that, as of Q2 2021, Coinbase had 68 million verified users and 8.8 million monthly active users.
Coinbase’s entry into the NFT market follows the establishment of NFT marketplaces by rival crypto exchanges FTX and Binance. Binance NFT launched in June with the goal of providing cheap transaction costs, similar to FTX and FTX. Last month, the United States released NFT platforms with limited capabilities, but later expanded to include Solana-based NFTs.
The “crazy” volume of traffic for the queue temporarily damaged the site, according to Sanchan Saxena, Vice President of Product at Coinbase. “Thanks for your patience, everyone – we have ramped up and scaled everything for you to be able to join up for the NFT marketplace in the last few hours,” he said.
Thanks for your patience everybody – for the last few hours, we have ramped up and scaled things for you to be able to sign up for the NFT marketplace.