Coinbase to Soon Launch an NFT Marketplace in 2021

Kavya  |  Oct 13, 2021

Today saw the launch of a queue for Coinbase's new NFT marketplace. Coinbase wishes to participate in the NFT craze.

Coinbase to Launch An NFT Marketplace in 2021

Earlier morning, the exchange's website launched an early access queue for a new service dubbed Coinbase NFT.

The platform will be "launching this year," according to the holding page.

Coinbase touted its new endeavor in a blog post as "a peer-to-peer marketplace that will make minting, acquiring, displaying, and finding NFTs easier than ever." The market will also be decentralized, according to the article.

Coinbase went on to say that the marketplace will include "social capabilities that create new channels for discourse and discovery," and that it was "designed for social interaction." 

According to the post:

“By fostering connections, Coinbase NFT will help creators, collectors, and fans build community.” 

The holding page also includes artwork from well-known NFT collections such as Ghxsts and MoonCats.

Though detailed specifics are limited, the page states that after signing up for the queue, individuals would receive a referral link. 

The more referrals individuals receive through their link, the higher they will rise in the queue.

This Year, Amid A Surge Of Interest In Digital Assets, NFTs Emerged As The Mainstream

Coinbase isn't the only cryptocurrency exchange interested in NFTs. FTX U.S. announced the introduction of an NFT marketplace yesterday; the exchange's main division previously launched a non-fungible asset service in June. 

Binance has its own NFT marketplace as too.

It's unclear which blockchains Coinbase NFT will support, but it's quite probable that it will at the very least host Ethereum NFTs. 

Although other Layer 1 blockchains such as Solana, Polygon, Fantom, and Binance Smart Chain have all hosted NFTs in various versions this year, Ethereum is largely regarded as the ecosystem's home (Gxhsts and MoonCats are both Ethereum projects).

Non-fungible tokens (NFTs) gained popularity this year amid a surge in interest in digital assets. Beeple sold an NFT at Christie's for $69.34 million. Paris Hilton, Grimes, Eminem, and other celebrities have issued their own NFTs.

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