The NFT market continues to be the most competitive part of the crypto world, and recently, Coinbase announced its plan to join the space and rival others like Binance and FTX. While the platform is still in the works, Coinbase has started a user waitlist to gain access to Coinbase NFT.
Sanchan Saxena, Coinbase’s VP of Product, is spearheading the soon-to-be-launched platform, which will allow users to mint, buy, and display NFTs. The NFT platform will allow viewers to discover and purchase new things in addition to enabling the minting and showcasing of NFTs. According to the company, Coinbase NFT will make it easier for authors to “retain creative ownership” over their content. Also, the platform will first handle Ethereum-based NFTs, but once it is up and running, it aims to expand to additional chains.
A statement from the organization read. “ Coinbase NFT will make minting, purchasing, showcasing, and discovering NFTs easier than ever. We’re making NFTs more accessible by building intuitive interfaces that put the complexity behind the scenes. We’re adding social features that open new avenues for conversation & discovery.”
The Coinbase NFT
According to reports, marketing material from Coinbase noted that Coinbase NFT is being built to allow everyone to benefit from their creative spark. The goal according to Coinbase is to build a system where the creative industry is not a subset of the economy but a driver and a big player.
Furthermore, a spokesperson from the company revealed that the platform would use self-custody wallets, which will eliminate the requirement for users to go through KYC checks with the exchange in the same way that brokerage clients do to trade cryptocurrency. The company will not reveal details about fees but said it would do so closer to the platform’s official launch.
A Fierce Space
While Coinbase is arguably a big name in the industry, it would be going into an arena heavily contested by other giants. The competition for the NFT space is not only intense but fierce. Each platform continues to add more features to position itself as the leading figure.
Recently, crypto exchange FTX.US announced the complete launch of its marketplace for Solana-based NFTs while Binance has picked up the pace and has its product, Binance NFT, which it hopes to build into the world’s largest NFT trading platform.
Prior to this time, users have flocked to OpenSea’s platform to flip CryptoPunks and Pudgy Penguins, helping the company achieve unicorn status in a recent fundraising round, but all that seems set to change with the brewing competition from these exchanges.
Although Coinbase seems to be joining the NFT raise a little late than its competitors, the NFT space is still up for grabs and poses a series of benefits for the organization, which has endured a difficult few months. Coinbase is no stranger in the crypto world, and it can use its popularity as an advantage ahead of its launch. Also, an adventure into the NFT space will prove a more reliable source of income for Coinbase, but it would have to work as hard as possible for an edge over its rivals.