As part of its mission to boost global economic freedom, San Francisco-based exchange Coinbase announced today that it will be launching its non-fungible token (NFTs) marketplace, dubbed Coinbase NFT.
The second-largest cryptocurrency exchange called on users to join the waitlist to gain early access to the platform, which will enable them to mint, trade, and collect various NFTs.
Coinbase said it will focus more on creators and streamlining the process of delving into the NFT space, whereby content creators can develop an NFT by clicking a few buttons.
Per the announcement, the NFT marketplace will also include “social features,” allowing creators, collectors, and fans to converse freely, build community, and subsequently lead to important discoveries.
The announcement did not specify the official launch date of the platform. However, Coinbase said it will initially support Ethereum based ERC-721 and ERC-1155 standards-based NFTs, with plans to add NFTs from other networks shortly.
Coinbase Set to Generate New Revenue Source
Despite claiming that the initiative is focused on empowering content creators, launching the NFT marketplace will be beneficial to the exchange, especially now that the exchange’s plan to generate additional sources of income via its crypto lending product has been thwarted by the SEC.
Recall that Coinbase CEO Brian Armstrong took to Twitter to complain about the unfavorable regulations slammed on the exchange by the SEC, following its intentions to join other crypto-related firms to offer crypto lending products.
Less than two weeks after calling on the U.S. Security and Exchange Commission to provide regulatory clarity for the crypto industry, Coinbase announced that it will no longer launch the lending product.
Fortunately, as the NFT space continues to gain traction in recent times, Coinbase is hoping to become a major player in the sector via the launch of Coinbase NFT.
The growth of the NFT market has grown immensely since it became popular late last year. According to CNBC, the NFT market recorded $10 billion in transaction volume in the third quarter of 2021, making the industry one of the fastest-growing cryptocurrency economies.