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Coinbase launches NFT marketplace

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American cryptocurrency exchange Coinbase has announced the creation of a platform for non-fungible tokens (NFT).

Thus, according to the statement, Coinbase NFT will give users the opportunity to issue, buy and display collectible digital assets.

Initially, the marketplace will support tokens of the ERC-721 and ERC-1155 standards based on Ethereum. In the future, the company plans to add other networks.

The launch of a marketplace

Coinbase described the future NFT platform as a “peer-to-peer trading platform”. Moreover, the company has opened a waiting list for early access to the service.

With all NFTs on-chain, the offering will allow creators to preserve control of their artwork “via decentralized contracts and metadata transparency”. Sanchan Saxena, Coinbase vice president of product and ecosystem said this.

In addition, the Coinbase move follows the launch of a marketplace by crypto exchange FTX and its US-based subsidiary, where users can trade NFTs cross-chain via the Ethereum and Solana blockchains.

“Too important to ignore”

“Buying and selling will become the main functions of Coinbase NFT. We will have a dynamic, secure market. But we believe that we can do much more. We design social relationships. By strengthening ties, the platform will help authors, collectors and fans create a community,” Coinbase said.

Recall that earlier analysts of the financial conglomerate Bank of America optimistically assessed the prospects of the NFT sector. Digital assets are a $2 trillion market with 200 million users. And the sector is “too important to ignore”, according to a group of analysts led by Alkesh Shah in a recent research note. “NFTs are changing the way authors communicate with fans and receive compensation,” the researchers noted.

When it comes to NFTs, Bank of America claims that the sector’s explosive growth surprised even senior crypto users, noting that the OpenSea marketplace generated more than $2.5 billion in the first half of 2021.

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