Introducing the Coinbase NFT
The cryptocurrency exchange announced a marketplace that lets users mint, collect and trade NFTs, or non-fungible tokens. Users are now able to sign up to a waitlist for early access to the feature.Coinbase explained its NFT marketplace, called Coinbase NFT, would include "social features" and tap into the so-called "creator economy," A move into the NFT space could be a way for Coinbase to branch out into new revenue streams as the company is currently relying on its exchange fees.
Coinbase will compete with other exchanges
Coinbase is looking to compete in the NFT space with several other exchanges. FTX.US for example announced on Monday the fully-fledged launch of its marketplace for Solana-based NFTs and Binance also has its own offering named Binance NFT, which the firm aims to build into "the largest NFT trading platform in the world."OpenSea is, for now, still the most significant player in the NFT space with their marketplace. It saw its sales volumes surge as trading NFTs became more popular, and collectors started trading punks, apes, and cats. OpenSea saw more than $2.7 billion in NFT trading volumes last month.
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