Coinbase x NFTs
Coinbase is joining the non-fungible token (NFT) mania.
The U.S. crypto exchange is launching “Coinbase NFT,” a marketplace that will allow its users to buy and sell Ethereum-based digital collectibles. Coinbase’s NFT marketplace is expected to launch by the end of 2021.
The move comes shortly after rival exchange FTX.US announced a marketplace for Solana-based NFTs, with plans to support other blockchains, including Ethereum, in the future.
While FTX is betting on several blockchains sharing the pie in the NFT business, Coinbase is sending a different message — betting only on Ethereum’s NFTs.
Coinbase’s product will take a direct swing at juggernaut OpenSea, which is currently home to the majority of Ethereum-based NFT trading.
OpenSea has seen remarkable usage during the NFT market’s red-hot run in the past four months, counting as many as 80,000 transactions per day at its peak. For some, however, the onboarding experience of connecting your Ethereum wallet has been too challenging.
“If you’ve tried to create or purchase an NFT, you’ve probably found the user experience lacking,” Coinbase said in a blog post. “Coinbase NFT will make minting, purchasing, showcasing and discovering NFTs easier than ever. We’re making NFTs more accessible by building intuitive interfaces that put the complexity behind the scenes.”
With this strategy, Coinbase is poised to take over a large section of the NFT market and likely catalyze far more usage in the space since they will allow its 68 million verified users trade NFTs with funds already in their accounts. To put that into perspective, OpenSea only had 60 million visits a month at the peak of the NFT trading.
You can join the Coinbase NFT waitlist here.