Coinbase, one of the world’s largest crypto exchanges, joined the NFT craze in the crypto world. Coinbase announced in a statement that it will establish its own NFT platform. This new platform, which will be referred to as “Coinbase NFT”, will offer its users the ability to create, purchase and display NFT collections.
Wanting to expand into new sectors, Coinbase started to create an NFT platform based on this decision. In the first phase, the NFT platform will only allow the trading of Ethereum-based NFTs, Coinbase said in a statement. After initial trials, Coinbase plans to offer support to other blockchains. With the new platform it has established, Coinbase wants to create a more user-friendly platform by focusing on user experience problems in the NFT market.
Users who want to register on the NFT platform can join the waiting list on the relevant page by clicking here.
The platform also announced that it will offer an NFT marketplace without asking for KYC verification, users using this platform will also be able to use their own wallets.
Of course, it’s no coincidence that Coinbase’s NFT market announcement comes right after FTX and Gemini. NFTs have been and will continue to be one of the most talked about crypto assets of 2021. For example, the NFT marketplace OpenSea hosted $2.8 billion worth of NFT trade in September 2021. OpenSea, on the other hand, earned a serious 2.5% commission from these transactions. Coinbase, on the other hand, wants to make a stronger entry by charging lower commission rates compared to its major competitor.
Let’s see how the NFT community will take action in the face of this new news after the NFT craze. It seems we may even be at the beginning of the road for NFTs.