Tuesday 12 October 2021 6:43 pm

Coinbase to launch NFT marketplace

Coinbase has stepped into the NFT arena with the launch of its marketplace for non-fungible tokens.

Starting today, prospective users will be able to join the waiting list to use Coinbase NFT – a decentralised marketplace that will open up minting, purchasing, showcasing, and discovering NFTs to its 68 million users.

NFTs offer buyers the opportunity to own digital assets that are stored on the blockchain.

The tokens have gained rapid mainstream attention across the art, music and fashion industries, enabling creators to monetise their digital work and providing buyers with a unique and clear proof of ownership. 

NFT trading activity is on the rise. It soared this summer, more than doubling between July and August 2021, with roughly 280,000 unique buyers and sellers by the end of August.

High profile sales include the £500,000 sale of the ‘Charlie Bit My Finger’ NFT earlier this year.

READ MORE: The paradox of fashion NFTs

Coinbase NFT will be a peer-to-peer marketplace designed to enable creativity, as CEO Brian Armstrong looks to take on runaway NFT platform success OpenSea.

The initial launch will support Ethereum-based ERC-721 and ERC-1155 standards with multi-chain support planned for the near future.

The platform has been created to foster community and connect creators, collectors and fans. Users will receive a personal feed that will showcase their NFTs in one place, helping to connect them with like-minded fans or artists.

As part of Coinbase’s overarching mission to drive economic freedom, Coinbase NFT will empower creators and help to raise the ‘creator economy’ from being a smaller subset of the ‘real economy’ into a central driver of economic activity.

Users can now sign up for early access and regular updates today by visiting www.coinbase.com/nft/announce.

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