Coinbase Will Soon Enter the NFT Marketplace, Aims to Unlock New Forms of Creativity

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Coinbase, the Nasdaq-listed company, is creating a peer-to-peer marketplace for NFTs. The famous crypto exchange is about to enter the NFT market, promising to simplify the process of minting, purchasing, showcasing, and finding NFTs.

A Safe Haven for Artists and Fans

Coinbase is about to launch a P2P marketplace for Non-Fungible Tokens, as announced on Tuesday.

The Vice President of products at Coinbase reminded people that it was exactly Coinbase that allowed everyone to easily access Bitcoins for the first time, and now they plan to do the same thing for Non-Fungible Tokens. 

NFTs are all on-chain, explain Coinbase. The system will start by supporting ETH-based ERC-721 and ERC-1155 standards, to be quickly followed by multi-chain support.

The company promises only the best support, saying that users won’t be locked in. The ones that are interested can already sign up to be the first ones to access it.

Nowadays, all the creative industries, such as music, fashion, and gamins are jumping on the NFT train, in order to make use of this new creative outlet, notes the Coinbase VP. 

However, as of now, building or purchasing an NFT lacks in many aspects, adds Saxena. This is where Coinbase NFT comes to the rescue, as it will remove all the hardships regarding the process. In addition, Coinbase will add social features to make NFTs more interactive.

With these positive updates in the NFT marketplace, creators will certainly be satisfied and more people will be drawn into it.

Also Read: Coinbase Signs Contract with United States ICE Worth $1.36 Million


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