- When will the new NFT exchange be launched?
- Complete anonymity as a major advantage
- Supported blockchains
- The highs and lows of the crypto marketplace
NFT marketplaces have become widespread, with many platforms already offering their users to buy or create non-fungible tokens. Soon, the users of Coinbase will also be able to purchase NFTs or create their own tokens. To diversify the revenue stream, one of the leading cryptocurrency exchanges is creating an NFT platform called Coinbase NFT. According to the announcement, the platform will allow users to “create, buy, sell and share NFTs.”
When will the new NFT exchange be launched?
The cryptocurrency exchange intends to launch its platform by the end of the year. Users can already join a waiting list, in order to start using the service as soon as it is launched. They can also participate in a referral program to gain early access. It is fair to say that the new platform of the leading marketplace will be launched soon.
Complete anonymity as a major advantage
Coinbase is famous for being a marketplace that simplifies cryptocurrency investment for its users. The new NFT platform will be based on a similar model. It should be noted that the registration process does not require users to comply with the know-your-customer (KYC) regulations because users will store their assets in their own wallets.
Supported blockchains
NFT sales are expected to reach billions of dollars, but they are still regarded as a new market segment. Apart from cryptocurrency investors, NFTs have mainly attracted celebrities and artists. It seems that Coinbase plans to change that fact, starting with Ethereum and then expanding to other cryptocurrencies.
«The initial launch will support Ethereum based ERC-721 and ERC-1155 standards with multi-chain support planned soon after.».
Lately, Coinbase has been facing plenty of competition, with more and more companies entering the crypto trading segment. One of the recent examples is online broker Robinhood which offers an advantage that is not offered by Coinbase — a no commission model.
The highs and lows of the crypto marketplace
So far, investors have not welcomed the new platform with open arms. Coinbase shares have decreased by almost 3%, slightly below USD 250 per one share.
However, as long as Bitcoin is trading above USD 50,000, the crypto market is still getting more and more attractive to investors, including those who might experience the fear of missing out. The fee income, which is Coinbase’s main source of profits, is likely to benefit from an increase in trading volumes during the rising market.
