More than 1.1 million people have signed up for the upcoming NFT platform of Coinbase since the waitlist went live on Oct.12. Slated to launch this year, Coinbase NFT will initially support the Ethereum-based ERC-721 and ERC-1155 token standards with plans to expand support to other blockchains in the future.
Coinbase Global Inc.’s yet-to-launch marketplace for nonfungible tokens had more than one million signups on the crypto exchange’s NFT waitlist on the first day it opened, a person familiar with the situation told Bloomberg.
Sanchan Saxena, the Vice President of product at Coinbase tweeted that the “insane” amount of traffic for the waitlist has temporarily broken the site.
“We are getting a LOT of signups so grateful for all your interest. We are seeing insane loads on our servers and our team is working hard to get this resolved. Check back soon!”
The NFT platform will initially be available to U.S. customers over the age of 18 before being rolled out to international markets in the future.
Coinbase’s foray into the NFT sector comes after competing for crypto exchanges FTX and Binance both launched their own NFT marketplaces. In June, Binance NFT marketplace went live with the platform aiming to provide low transaction costs. Last month, FTX and FTX.US launched NFT platforms earlier this week that FTX.US’s NFT marketplace expanding support to the Solana Blockchain.
In August, Coinbase, revealed that customer usage slowed at the start of the third quarter and has been looking to diversify its revenue as competitors such as Robinhood Markets Inc. amplified efforts to attract crypto users.
NFTs are the “next frontier” for Coinbase and could become a lucrative business for the exchange next year, according to Bloomberg Intelligence’s Julie Chariell.
“Fees are more likely to mirror retail than institutional crypto-trading commissions. NFT trading at our 3% fee estimate would bring much more revenue per trading dollar, along with less volatility to Coinbase operations than the crypto trading platform.”