Coinbase’s highly anticipated NFT marketplace launched late last month but only for users in the US but now the crypto exchange is opening up its marketplace to every Tom, Dick, and Harry.
In a tweet the exchange platform shared on Wednesday, it announced that it was opening its NFT marketplace, which is currently in its beta stage, to all users about two weeks after it rolled out the marketplace for users in the US.
The exchange is working to add more features to the marketplace hence the beta stage. The marketplace has huge potential to compete with already established brands such as OpenSea, on its own Coinbase is one of the biggest cryptocurrency exchanges in the US and globally.
Like other marketplaces, Coinbase’s marketplace will give people a platform to trade their digital collectibles. Coinbase is the largest crypto exchange platform in the US by trading volume with about 89 million users, $278 billion in crypto-assets, and 4547 billion in quarterly volume traded, according to the information on its website.
Coinbase first announced the NFT marketplace in October last year. In just a few days, the marketplace already had a million people sign up for its waitlist.
Coinbase’s venture into the NFT sector comes after rival crypto exchange platforms like FTX and Binance both launched their own NFT market platforms. Binance NFT Marketplace, aimed at offering low transaction costs, took off in June last year. And in September 2021, FTX and FTX.US launched NFT marketplaces with limited functionality, but later expanded to offer Solana-based NFTs.
NFTs which are digital tokens based on a blockchain continues to grow and the market for it is worth billions of dollars. They grew meteorically in 2021 breaking milestones and creating new opportunities. Marketplaces like Coinbase provide both creators and individuals the opportunity to trade these digital tokens.
Coinbase plans to implement a “web3 social marketplace” in its NFT marketplace. This marketplace will give people the access to sell, purchase and engage with creators, collectors, and the community around different NFTs. This is a strategy Coinbase is looking to employ to stay ahead of rivals.
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Ibhadojemu Lucky Emmanuel is a graduate of Education and Economics from the University of Benin. He has a passion for tech and business and has been writing professionally for over a period of five years. He's written across various topics and segments and knew tech-business was it when he first stumbled on it. He has a great passion for music and arts, and wants to visit as many countries as he can someday.
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