Coinbase announced to launch NFT marketplace following FTX and Binance
Coinbase exchange has announced that it will be opening a waitlist for a nonfungible marketplace it will launch later this year.
According to the official announcement, Coinbase vice president of product and ecosystem Sanchan Saxena said the NFT marketplace would allow its users to mint, purchase, discover and showcase Ethereum-based tokens.
The offering will allow creators to maintain control of their artwork “through decentralized contracts and metadata transparency,” with all NFTs on-chain, according to Saxena.
The announcement comes following crypto exchange FTX.US introducing a marketplace wherein users are able to trade NFTs cross-chain through the Ethereum and Solana blockchains.
Binance, the world’s largest crypto exchange, entered the NFT market in June by launching a marketplace aimed at minimizing transaction costs.
Coinbase’s entry into the NFT industry could provide competition for established marketplaces like OpenSea and Rarible. OpenSea’s head of product Nate Chastain is facing criticism for using burner wallets to purchase NFTs on the platform so that the artwork could receive more attention on the website’s front page. The platform mainly uses Ethereum, which dominates sales in the NFT market.
Data from DappRadar shows that the total transaction volume on OpenSea was $8.7 billion at the time of publication, making it the largest of the NFT marketplaces. NFT sales through the Pokemon-inspired Axie Infinity game came in second at $2.5 billion.