Coinbase has announced on its official twitter page that it will be launching its NFT marketplace “soon.”
The tweet from March 14th continued on to state that its team has met with over 100 content creators to build the NFT marketplace based on customer feedback. It also stated they “can’t wait to show you what we’re cooking up” along with the soon emoji.
Coinbase sees huge potential for its upcoming NFT marketplace
The CEO of Coinbase, Brian Armstrong recently stated that the NFT industry may surpass that of cryptocurrencies. This is why Coinbase has decided to join the NFT industry and create its own marketplace that offers a users a different and more encompassing experience. The upcoming project has already incurred 2.5 million registrations for their waiting list from eager users looking to join the marketplace. Armstrong also stated “We are very excited about NFTs, this is going to be a very large area for crypto in the future, and it already is today.”
The main difference Coinbase looks to capitalize on is the new “Social Function” where they will look to enhance the communications between NFT holders and enthusiasts and the creators or artists. They look to leverage these new features to compete with the current top NFT platforms like OpenSea, Rarible, Crypto.com, and others.
The platform also will likely capitalize as it is already the most popular cryptocurrency exchange in the United States and will automatically have name recognition along with possibly an interface users may find familiar. Coinbase also has a reputation for as a leader in the crypto industry who has always complied and American regulatory bodies, providing a sense of stability for its users. Who will end up dominating the NFT marketplace wars is yet to be determined, but Coinbase NFT is likely to attract many users as well as NFT creators when it is finally released.