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Coinbase readies to expand its offering with an NFT marketplace launch

Coinbase readies to expand its offering with an NFT marketplace launch

Last updated 29th Jun 2022
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Leading American crypto exchange Coinbase is gearing up to roll out an NFT marketplace as part of its mission to increase economic freedom in the world. The Delaware-headquartered company revealed this news through a blog post on October 12, noting that the upcoming platform is a peer-to-peer (P2P) marketplace titled Coinbase NFT.

According to the blog post, Coinbase NFT will go live before the end of the year. However, the exchange’s users can join a waitlist and get early access to the marketplace, which seeks to let more people join the creative economy and profit from their art. Per Coinbase, its marketplace will primarily support the minting, buying, and selling of NFTs.

All NFTs will be on-chain, and the initial launch will only support Ethereum based ERC-721 and ERC-1155 standards. However, Coinbase is looking to add multi-chain support soon.

However, the exchange intends to integrate several functionalities to help better the NFT experience for both creators and collectors. These include a user-friendly interface that eliminates the complexities of NFTs, social features that will open new gateways for conversation, as well as a personalized feed for each use.

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Streamlining the NFT experience

Explaining why it decided to dive into NFTS, Coinbase said digital art has a vital role in unlocking financial freedom. While their impact is already evident, the exchange believes that the process of either creating or purchasing an NFT is currently cumbersome.

Coinbase claims that the process of minting new NFTs should not exceed the tap of a few buttons, seeing as overly complicated procedures inhibit creativity. With its P2P marketplace, which will run atop a decentralized exchange, Coinbase believes it can empower imagination while putting the art and the artists’ experience at the forefront.

Explaining its approach to the NFT sector, Coinbase said it seeks to offer users the best experience without locking in creators. The exchange added that it is designing Coinbase NFT for social engagement. In so doing, creators, collectors, and fans will be able to build a community.

Additionally, the marketplace will be able to curate a customized feed for each user based on their interests. According to Coinbase, this feature will help bring like-minded users together, fostering new collaborations and firing up the imaginative capacity of creators.

Racing to create the best NFT marketplace

Coinbase concluded by saying,

Our ambition with Coinbase NFT is to allow everyone to benefit from their creative spark; to contribute to a future where the “creator economy” isn’t a small subset of the “real” economy, but a central driver.

This news comes after FTX US, a leading crypto exchange, launched an NFT marketplace on October 11. Dubbed FTX NFT, the marketplace lets users mint, hold, authenticate and trade NFTs. Additionally, it offers creators complete control over the life cycle of NFTs. FTX NFT will initially support Solana-based NFTs, but plans to underpin NFTs on Ethereum are underway.

Jinia Shawdagor

Jinia Shawdagor

Jinia is a fintech writer based in Sweden. With years of experience, she has written about cryptocurrency and blockchain for renowned publications such as Cointelegraph, Bitcoinist, Invezz, etc. She loves gardening, traveling, and extracting joy and happiness from the little things in life.