Coinbase intends to follow the recent example of the FTX US cryptocurrency exchange by offering customers its own NFT marketplace.
The largest US cryptocurrency exchange Coinbase will join the “NFT race” by creating its own platform for trading non-fungible tokens. The Solana network was chosen as the base for the marketplace. However, future plans of the management also include the connection of other blockchains, including Ethereum.
Rumors of Coinbase's plans for its own NFT trading platform have been circulating since this spring. The situation changed today when the exchange team finally confirmed this intention. The company emphasized the importance of the intuitive design of the new service for customers, as well as the role of freedom of expression for creativity.
The first thing that participants in the crypto community began to discuss was the likelihood of direct competition between the two giants of the digital currency market in the field of non-fungible tokens Coinbase and OpenSea. Although many for some reason have forgotten about another player in the face of another large exchange Binance, which opened the virtual doors of its NFT marketplace for everyone at the beginning of June this year.
Admittedly, with $68 million verified customers and $8.8 million monthly active customers, Coinbase can indeed become a formidable competitor even for NFT giants like Rarible and OpenSea. The latter's total transaction volume currently exceeds $8.7 billion, according to DappRadar. This makes it the largest NFT marketplace in the industry. The second place was taken by the popular game with virtual monsters Axie Infinity, whose users “gave” her $2.5 billion.
According to Coinbase representatives, the platform intends to start working by the end of 2021, and the connection of new blockchains will start from the first quarter of 2022.
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