By
Temitope Olatunji
May 13th, 2024
Since Coinbase is one of the largest and most popular exchanges in the United States, an NFT marketplace as a subsidiary would definitely place it at a significant footing with its rivals.
Coinbase has also decided to hop on the NFT bandwagon with the launch of a novel Non-Fungible Token marketplace. Called the Coinbase NFT, the account for Coinbase’s incoming Non-Fungible Token marketplace was launched with an introduction post about its search for content creators around the world. The Marketplace’s Twitter handle claimed that the new NFT venture engaged in meetings with more than a hundred content creators to design on the inauguration of the new Coinbase project.
Having said that, an official date for the launch has yet not been given out. However, it is true that the marketplace will be revealed in the immediate future and is being developed to reflect a number of tools and innovations that have not yet reached the mainstream NFT universe.
In a statement from Coinbase, it was claimed that the most significant difference between the company and its rivals will be the novel ” social function”. This is an impressive attribute that will allow an enhanced interaction between artists and users while enabling them to build a society of creators that believe in evolving together.
Recently, the Chief Executive Officer of Coinbase Brian Armstrong stated that the Non-Fungible Token market had the potential to ace the cryptocurrency market. This is one of the biggest reasons for the company to indulge in the building and creation of a marketplace that offers an enveloping and mesmerizing experience like most of the popular social media sites. What makes Armstrong’s claim more strong is the fact that as of now, the Coinbase NFT has already registered two and a half million customers on its waiting list to access the marketplace.
According to a study DappRadar, Coinbase’s strongest rival on the volume board, OpenSea, has witnessed a sharp dip of fifteen percent over the past thirty days, both in internal transactions and active users. Moreover, the transactional volume on OpenSea’s charts has decreased by 42.65%. This might, therefore, be the perfect time for Coinbase to establish its space in the NFT universe.
The first-ever news about the NFT marketplace was revealed on October 12th, 2021. Since Coinbase is one of the largest and most popular exchanges in the United States, an NFT marketplace as a subsidiary would definitely place it at a significant footing with its rivals. Companies like OpenSea, Rarible, Binance NFT, Crypto.com are some of the mainstream competitors that the Coinbase NFT would have to struggle with to make a place for itself. Coinbase, however, has some tricks up its sleeves.
For many years now, Coinbase has been growing and developing into a global leader in the cryptocurrency market. It has also been following the regulatory mandates delivered by the government of the United States. This can be an added advantage to the Coinbase NFT marketplace since the track record for its parent unit has been no less than impressive.
