New Coinbase NFT Platform Witnesses 1.1 Million Sign-ups for Waitlist

UTC by Sanaa Sharma · 2 min read
New Coinbase NFT Platform Witnesses 1.1 Million Sign-ups for Waitlist
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The Coinbase NFT platform will be initially available to users from the United States who are at least eighteen years old.

The waitlist for Coinbase Non-Fungible Token (NFT) platform is witnessing huge incoming numbers as thousands of people want to sign up for the platform’s upcoming launch. Since the waitlist went live on the 12th of October, there have already been more than one million sign-ups for Coinbase NFT platform. The American company announced its waitlist through a blog post, publicizing its up-and-coming NFT platform that is destined to launch sometime this year. While the platform will, in the beginning, support Ethereum-based ERC-721 and ERC-1155 token standards, there is a plan set to reach out to other blockchain networks later.

About 1.1 Million NFT enthusiasts are pushing for advanced access to the NFT platform. In his tweet on October 13th, Sanchan Saxena, the Vice President of product at Coinbase reported that the massive amount of traffic on the site caused a server crash. He also added that the right kind of measures have been taken to tackle the glitch.

Coinbase enjoys a gigantic clientele, with 68 million verified users and 8.8 million monthly active users. With such huge numbers at its disposal, the exchange can give crypto-collectible giant OpenSea a massive run for their money. OpenSea currently has a rolling 30 day average of 260,000 active customers, with a combined aggregate of 2.49 Million exchanges accounted for in the previous month.

According to the Fine Print, the Coinbase NFT platform will, in the beginning, be accessible to United States users above eighteen years of age. The platform will later be publicized and opened up to other international markets.

Coinbase’s dive into the NFT sector has been influenced by the conformation of crypto exchanges like FTX and Binance to the NFT space. Binance is all set to launch its NFT space in June, with the platform claiming to furnish its users with super low transaction costs. On the other hand, FTX and FTX.US inaugurated their NFT platforms with primitive functions and operations a month ago.

Ever since its launch, the Twitter account of the Coinbase NFT platform has been recurrently posting about NFT for its 15.4K followers.

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Sanaa Sharma
Author Sanaa Sharma

Sanaa is a chemistry major and a Blockchain enthusiast. As a science student, her research skills enable her to understand the intricacies of Financial Markets. She believes that Blockchain technology has the potential to revolutionize every industry in the world.

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