- Coinbase announces to launch its NFT Marketplace.
- NFTs have been booming with adoption from the movie, gaming, and music industry.
- You can join the waitlist for the Coinbase NFT Marketplace.
Coinbase announced on Tuesday, that users will soon be able to collect, trade, and mint NFTs on the platform. Further, as of now, users can sign-up on Coinbase and join the waiting list.
NFTs or Non Fungible Tokens allow creators to mint or sell the ownership rights of their art. Furthermore, NFTs are not just about digital art, but rather can be used as ownership rights for a broad category of items such as property, music, gaming, etc.
Non-fungible tokens are one-of-a-kind and cannot be divided. Further, each one of them is unique and unlike many crypto assets there can only be one copy of a particular Non-Fungible Token. A non-fungible token of the same kind can be valued a lot more than another non-fungible token of the same type.
As we’ve recently been observing a boom in the NFT market with major Bollywood stars such as Amitabh Bachchan or Sunny Leone joining the NFT hype and releasing their own collections, it is evident that the crypto exchange would be wanting to step up in the game.
Further, we also saw recently that a 12-year old sold NFTs worth $5 M, and hence proving them to be a valuable asset class.
According to a CNBC article, Coinbase said that the platform will include social features and would be aiming to develop the creator economy. Further, the platform also stated that the NFT Marketplace will be called Coinbase NFT.
As some of the major competitors of Coinbase recently came out with their own NFT platforms, Coinbase wasn’t going to sit behind all the time. Through the official Coinbase NFT, the platform is trying to increase its revenue share, as its, major source of revenue is trading fees. Further, users frequently prefer other trading platforms for high Coinbase Fees. Therefore, NFTs might be a decent way for user retention.
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