Coinbase gears up to join the NFT craze with the launch of a marketplace

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and… read more.
on Oct 13, 2021
  • Coinbase aims to launch the platform before the end of 2021 but has already opened a waitlist.
  • Per Coinbase, its marketplace seeks to eliminate the complexities of the NFT space.
  • The marketplace will initially support Ethereum-based ERC-721 and ERC-1155 standards.

Leading American cryptocurrency exchange Coinbase is preparing to enter the booming non-fungible token (NFT) space. The company unveiled this news through a blog post on October 12, noting that it is looking to launch a peer-to-peer marketplace for digital art titled Coinbase NFT before the end of 2021.

Reportedly, this platform seeks to simplify the minting, buying, showcasing, and discovery of NFTs. According to the blog post, this is part of Coinbase’s mission to increase economic freedom in the world.

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Through Coinbase NFT, the exchange believes more people can join the creator economy and profit from their work. Although Coinbase has not provided an exact date for the platform’s launch, it has offered users an option to join a waitlist and get early access.

While Coinbase believes NFTs have already disrupted the traditional art space, creating or purchasing an NFT is currently a complex process, and most platforms lack user-friendly interfaces. With Coinbase NFT, the renowned exchange aims to streamline access to the NFT space just as it did for crypto by creating an intuitive and secure platform.

Disclosing some of the features that set its NFT marketplace apart from the rest, Coinbase said,

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.

Putting creators first

According to Coinbase, the process of creating an NFT should be as simple as tapping some buttons. The exchange believes that anything more complicated is a barrier to creativity.

Through its P2P marketplace, which will run on top of a decentralized exchange, Coinbase seeks to empower imagination. These features help put artists and their art at the front.

Coinbase NFT also aims to offer creators an unprecedented level of control, putting them on top of decentralized contracts and metadata. The initial version of the marketplace will support Ethereum-based ERC-721 and ERC-1155 standards. However, the exchange seeks to introduce multi-chain support soon.

Although Coinbase NFT’s primary functions will be buying and selling digital artwork, the marketplace aspires to unleash more power to creators using it. Per Coinbase, the marketplace’s design revolves around social engagement, a concept that will let creators, collectors, and fans build a community.

Additionally, the marketplace will curate a customized feed for each user based on their interests. On top of this, the profile of each user will show their NFT collection in a single place, helping them connect with like-minded creators or fans.

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