CRYPTO

Coinbase is preparing to launch a peer-to-peer marketplace for NFTs


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Queen Bees newly announce Launching its new peer-to-peer marketplace for non-fungible tokens (NFTs).

The queue for early access to Coinbase NFT, which will enable users to mint, buy, sell, view and discover NFTs, has already exploded on the first day of registrations, according to insiders.

Immediate user response

β€œWe just announced the upcoming launch of Coinbase NFT. We’re getting a lot of signups – so thankful for all your interest,” Sanchan Saxena, Vice President of Product at Coinbase, said on Twitter.

β€œWe are seeing crazy loads on our servers and our team is working hard to fix this issue,” Saxena added, as user interest outpaced the queue.

There were more than 1 million sign-ups to the Coinbase NFT queue on the first day, Bloomberg It was reported, citing a person familiar with the situation.

The person said it wasn’t clear if some of the signups were duplicates or spam Bloomberg.

According to the announcement, β€œthe initial launch will support the Ethereum-based ERC-721 and ERC-1155 standards, with multi-chain support planned shortly after.”

New revenue stream

Coinbase, which is currently mainly based on exchange fees, has made a strategic move by entering the NFT game.

β€œJust as Coinbase has helped millions of people access Bitcoin for the first time in an easy and reliable way – we want to do the same with NFTs,” the crypto exchange said in the announcement.

NFT sales volume rose to $10.7 billion in the third quarter of 2021, according to the latest blockchain industry report from DappRadar.

β€œWe are making NFTs more accessible by building user-friendly interfaces that put complexity behind the scenes. We are adding social features that open new horizons for conversation and discovery,” added Coinbase, ready to diversify its revenue by capitalizing on a booming market.

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