Coinbase Announces NFT Marketplace

Business 12 October, 2021 - 10:53pm

Giving crypto traders a new way to mint and sell NFTs will take the fight to OpenSea

The big idea seems to be social engagement. Coinbase wants to “curate your personal feed” of NFTs and display the NFTs you own on your profile so you can make connections with like-minded fans of digital cats, punks, apes, and beyond.

At launch, Coinbase NFT “will support Ethereum based ERC-721 and ERC-1155 standards,” all NFTs will be on-chain, and there are plans for multi-chain support “soon after” launch. Besides whatever curated feed the company plans to introduce, Coinbase NFT seems similar what competitor OpenSea offers as the current NFT marketplace du jour.

As TechCrunch notes, what seems to be missing from Coinbase’s plans is any kind of Layer-2 scaling integration, the popular method for reducing the costs and environmental impact of minting and trading art on the Ethereum blockchain. NFTs are criticized for the way they replicate some of the inequitable and speculative parts of the real-world art market, but they also carry plenty of environmental concerns because of how much energy is required to run the Ethereum blockchain.

Coinbase’s plans are early and could possibly change, but if another NFT showroom/trading floor sparks your curiosity, the company already has a waitlist for early access you can join.

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Coinbase Is Planning to Launch Its Own NFT Platform

CryptoGlobe 13 October, 2021 - 04:31pm

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Coinbase becomes the next digital asset exchange to launch its own non-fungible token marketplace.

The leading American cryptocurrency platform – Coinbase – said it will launch a peer-to-peer non-fungible token marketplace called Coinbase NFT. Users can join a waitlist for early access and regular updates.

In a recent blog post, one of the largest digital asset exchanges revealed it will enable its customers to mint, purchase, showcase, and discover non-fungible tokens on a new platform – Coinbase NFT and offered some details on how it will work.

“We’re making NFTs more accessible by building user-friendly interfaces that put the complexity behind the scenes. We’re adding social features that open new avenues for conversation and discovery. And we’re going to grow the creator community exponentially, a win for artists and for fans.”

Coinbase noted that the initial launch will support Ethereum-based ERC-721 tokens, while later on, it intends to bring on ERC-1155 standards with multi-chain support.

The cryptocurrency exchange added that people have the desire to express their talent and individuality. As such, non-fungible tokens represent a “universal way for creators to own, control, and benefit from their creations.”

As of the moment, the largest digital marketplace for crypto collectibles and non-fungible tokens is OpenSea. This summer, the decentralized platform recorded a massive milestone, as its trading volume hit the $1 billion mark in August, which was an increase of nearly 1,000% year-on-year.

It is worth noting that another giant digital asset exchange – FTX – also recently launched its non-fungible token marketplace. Initially, the trading venue allowed only US-based customers to join in.

Named Solana NFT Marketplace, digital collectibles on the new platform must be on the Solana blockchain. However, FTX has plans to support Ethereum-based tokens in the near future, which are the industry standard.

Many celebrities, actors (Lindsay Lohan), musicians (Eminem), and prominent sportsmen (Tom Brady) have recently shown interest in non-fungible tokens or have even introduced their own digital collection. FTX outlined that trend and raised hopes that the Solana NFT Marketplace would be a top choice in its field:

“We decided to create an NFT marketplace on FTX US after becoming immersed ourselves in the NFT ecosystem. The NFT ecosystem has started to infiltrate pop culture, but has been lacking a platform that provides easy access and exposure to the mainstream audience.”

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Coinbase Jumps on NFT Bandwagon, Announcing 'Social' Trading Platform - BeInCrypto

BeInCrypto 12 October, 2021 - 11:32pm

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Coinbase will launch a "social" NFT platform.

U.S. customers will get first access.

Ethereum standards will be initially supported.

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The announcement was made in a blog post on Oct 13 where the company stated that current NFT purchasing experiences may be “lacking,”

“Today, we’re announcing Coinbase NFT, a peer-to-peer marketplace that will make minting, purchasing, showcasing, and discovering NFTs easier than ever.”

It added that it will build user-friendly interfaces and put the “complexity behind the scenes.” Social features will be included to assist in the discovery of newly launched pieces and collections on what it describes as a peer-to-peer platform.

It also plans to offer a “personal feed” based on user interests and preferences for NFTs.

NFTs on Coinbase will initially only be available for U.S. customers but the company has plans to expand globally. It will also initially only support the Ethereum standard ERC-721 and ERC-1155 tokens but plans to integrate multi-chain support “soon after.”

There were no details on fees but it is likely that the new platform has been designed to increase profits for the exchange. In August, it was reported that Coinbase saw record revenues of $2 billion in Q2, with 95% of that generated from transaction fees.

The new offering will go up against market leader OpenSea which had a record transaction volume of $3.4 billion in August according to TechCrunch. Nonfungible is currently reporting a daily NFT sales total of $42 million for Oct 12 and figures have been climbing again following a lull in September.

Coinbase competitor FTX launched its own NFT platform for American customers this week. The Solana-based marketplace will enable users to mint, trade, and sell NFTs but is subject to KYC requirements as Coinbase is likely to be.

Binance has also launched its own BSC-based NFT platform and the space has become increasingly crowded as the centralized exchanges don’t want to miss out on potential profits.

In late September, Coinbase funded a new NFT marketplace that focuses on trading Twitch gaming stream clips.

Martin has been covering the latest developments on cyber security and infotech for two decades. He has previous trading experience and has been actively covering the blockchain and crypto industry since 2017.

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