NFT marketplace to launch on Coinbase By

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By Samuel Indyk – Cryptocurrency exchange Coinbase (NASDAQ:) has announced Coinbase NFT, a peer-to-peer marketplace where users can mint, purchase, showcase and discover non-fungible tokens (NFTs). The company has now opened a waiting list for customers to join.

Coinbase added that Coinbase NFT will be built on a user-friendly interface and will include social features that “open new avenues for conversation and discovery”.

The initial launch will support based ERC-721 and ERC-1155 standards, with multi-chain support planned soon after. The company did not provide a date for the launch of the marketplace.

NFT Boom

Sales of NFTs have skyrocketed in 2021 with the records set for the sale of the digital assets throughout the year.

According to a recent report from DappRadar, the trading volume in NFTs was over $10.5 billion in the third quarter, with August a record-breaking month with over $5.2 billion in trading volume.

“There is not a single but multiple reasons behind the outstanding performance,” said DappRadar in the report. “Renowned celebrities like Snoop Dogg, Shaquille O’Neal and Steve Aoki are amongst the latest members to join exclusive communities, further strengthening the social outlook of the NFT space.”

Earlier this year, a buyer paid $69 million for an NFT by the artist Beeple, a record sale for an NFT. It was the first NFT to be offered by a major auction house with Christie’s conducting the sale.

Media coverage also continues to pick up with major brands such as Visa (NYSE:), Anheuser Busch Inbev (BR:), and Burberry (LON:) all venturing into the NFT space in recent months.

Coinbase will be hoping that the marketplace will be able to provide a further revenue stream for the company in a market that continues to show signs of rapid growth.

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