Highlights
- Coinbase’s planned NFT platform has attracted ten times as many new users as OpenSea in the last 30 days.
The CEO Gives Details Of The Operation
According to Brian Armstrong, CEO of the cryptocurrency exchange Coinbase, its planned nonfungible token (NFT) platform is critical. As of Tuesday, Coinbase has reported sales of $1.2 billion, the majority of which came from fees charged by the platform for trading cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) (ETH). The company is the biggest crypto exchange in the United States, and its shares are listed on the Nasdaq stock market.
The Coinbase NFT Platform
Coinbase’s NFT service will have a substantial impact on the exchange’s operations since the NFT platform has the ability to transform Coinbase’s current cryptocurrency business completely. During a conference call on Tuesday, Armstrong said the following, according to Bloomberg: According to Coinbase CEO, “this is going to be a huge sector for crypto in the future, and it already is today.” He went on to say that the NFT market “may be as big or greater” than Coinbase’s cryptocurrency market.
Customers Can Easily Develop ETH Based NFTs
Coinbase aims to launch its own NFT platform in mid-October, allowing its customers to develop, acquire, find, and exhibit Ethereum-based NFTs. In addition, users will be able to follow various profiles and get updates from the service, making it seem a lot like a social networking platform. Coinbase’s NFT platform is expected to be live later this year, and many users have indicated an interest in trying it out. Coinbase’s NFT queue was opened in October, and within a few days, more than 1 million individuals had joined up.
There Are Thousands On The Waitlist
As of this writing, Coinbase has received over 2.5 million emails from people wanting to join the marketplace. Additionally, Coinbase’s Q2 2021 data shows that the company has 68 million verified users and 8.8 million monthly active users. More than 230,000 people used OpenSea’s intelligent contracts in the last month, according to statistics from industry analytics source DappRadar, the world’s biggest marketplace for NFT tokens.
Several worldwide crypto exchanges other than Coinbase, are planning to or have already launched their NFT platform in the midst of the NFT industry’s rapid expansion. Cryptocurrency trading platform FTX became the latest platform to announce the establishment of an NFT marketplace in September. In June, Binance, the world’s most popular cryptocurrency exchange, launched its own NFT platform.
