Coinbase is finalizing plans to float its NFT marketplace, and the company currently has over 4 million people on a waitlist for its upcoming platform
Coinbase NFT Marketplace
Coinbase is one of the most significant crypto marketplaces, and with a company of this size, it’s only natural that when they enter the NFT space, they do so with a huge splash.
Coinbase is preparing to debut in the NFT arena, and the company has leveraged its size, influence, and financial power to curate one of the most sizable waitlists for a product in recent memory. According to reports, no less than 100 content creators met with Coinbase NFT on March 14 to iron out details surrounding collaborations geared towards the launch of the NFT marketplace.
When it comes to crypto-exchange platforms in the USA, Coinbase is number one – at least for now, and with more than 90 million accounts registered on Coinbase’s platform, it has the user base to match its ambitions.
There are currently a myriad of NFT marketplaces for users to choose from, most notably OpenSea. If Coinbase will compete effectively in this space, it’ll need to offer functionalities and perks that are not available anywhere else.
As expected, Coinbase plans to attract a large chunk of its users by offering features that are available on no other NFT marketplaces. After all, is said and done, people are excited about Coinbase’s entrance into the NFT marketplace space.
4 million strong
As of this report, over four million intending users have signed up for the queue to join the waitlist for the Coinbase NFT marketplace. People on the waitlist will be among the first to know when the product launches, and if you’re on the waitlist, you’ll also be able to view the market before those that aren’t on the list.
One of the features that make Coinbase’s NFT marketplace product attractive is that users will be able to purchase NFTs using MasterCard from the beginning. The ability to pay for NFTs via fiat currencies is one of the critical steps to opening the NFT ecosystem to a wider variety of people.
Coinbase is yet to share any concrete info about an official launch date, but in the meantime, we can appreciate the “social function” feature that’s set to be available on the Coinbase NFT marketplace. With the social function, Coinbase aims to build a community of artists with the ability to develop significantly.
Coinbase in the NFT marketplace ecosystem
Unfortunately, when the Coinbase NFT platform first launches, only Ethereum-based NFTs will be supported. Admittedly, only supporting Ethereum isn’t ideal, but it’s a safe starting point for the proposed NFT marketplace.
Coinbase realizes that the NFT space will not be easy to traverse with stiff competition from marketplaces like OpenSea, LooksRare, and the likes. Additionally, crypto-exchange platforms, including Binance and Crypto.com, plan to enter the NFT marketplace soon. It’ll be amazing to see how new entrants to the NFT marketplace ecosystem will shake up this space.