Coinbase announces NFT marketplace, starting this year

Cryptocurrency launch has opened up opportunities for investors and developers. Examples of inseparable tokens based on the same blockchain technology are examples. Their popularity in the wild has led to a new marketing approach and companies investing in a growing industry are trying to hit the growing market. The most recent is Coinbase, a crypto exchange that has announced that it will launch its peer-to-peer NFT market this year and has already opened a backup list for it.

Coinbase said in a blog post that the marketplace will “make NFT easier, buy, display and acquire more than ever.” Sanchan Saxena, vice president of production and ecology at Coinbase, said entrepreneurs in the market can control their art with “decentralized contracts and metadata transparency”. He said all NFTs are on the chain and multi-chain support will start soon.

Saxena said buying and selling will be the main features of Coinbase NFT, but they are trying to make it a platform for social engagement. We will adjust your personal diet according to your needs. Your profile will show you all your NFTs in one place to help you connect with like-minded fans or artists. The social body shapes the future by sharing desires, creating new partnerships and burning imagination. ”

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Coinbase’s announcement comes after FTX and Binance, the world’s largest exchanges. FTAX and the US subsidiary have recently launched an NFT marketplace that allows them to trade NFT on platforms such as Ethereum and Solana Blocks. Binance entered the NFT market in June.

Coinbase’s entry into the NFT industry could provide competition for established marketplaces such as OpenSea. According to a letter to shareholders on August 10, Coinbase has up to 68 million and 8.8 million monthly active users in the second quarter of this year.

Interested in cryptocurrency? We discuss everything crypto with WazirX CEO Nishel TT and weekend investor founder Alock Jane at Orbit, Gadgets 360 podcast. Orbit is available wherever you find Apple Podcasts, Google Podcasts, Spotify, Amazon Music and Podcasts.
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