It was just the beginning of this week when Coinbase made an announcement in regards to its consideration of launching the NFT marketplace. The firm revealed that it was soon going to launch a non-fungible token (NFT) marketplace for the users.
At that time, the firm revealed that for now, those who wish to become part of the NFT marketplace can sign themselves up for the waitlist. The waitlist for the Coinbase NFT marketplace reportedly went live on Tuesday, October 12, 2021.
Ever since the launch of the waitlist for the NFT marketplace, over 1.1 million signup requests have already been received. This goes to show how many people are eager to gain access to the non-fungible token industry and benefit from it.
This is going to help Coinbase build an even larger user base in order to make it more prominent. Coinbase has been on the move to increase its product portfolio ever since the beginning of 2021. Now that Binance is under a lot of boiling water, Coinbase has been trying to take the lead in the crypto-verse by introducing more products.
The waitlist for the Coinbase NFT marketplace was opened through a blog post. Through the blogpost, Coinbase revealed that it was planning to launch its own marketplace for NFTs. In the announcement, Coinbase had confirmed that the name of the platform would be “Coinbase NFT”.
Once the platform is launched, the users will be able to use the ERC-1155 tokens and ERC-721 tokens for carrying out sales and purchases through the platform. Going forward, the exchange is going to introduce more blockchains and tokens that the users will be able to take advantage of while using the NFT marketplace.
For now, almost 1.1 million users are waiting for the Coinbase NFT marketplace to go live so they can start using it. Coinbase’s vice president (VP) of products has stated that they had not anticipated that these many users will be aiming to join the platform. Sanchan Saxena (VP) stated that so many signups ended up breaking their website for a moment.
By the end of the second quarter of 2021, Coinbase had reported that its user base has crossed the 68 million verified users’ benchmark. Out of the total verified users, 8.8 million users are active on the platform on a monthly basis.
With such a large user base, Coinbase NFT marketplace would soon compete with major NFT marketplaces such as OpenSea. OpenSea currently stands as the largest marketplace for non-fungible tokens. Although it is currently the largest NFT marketplace, it only has a user following of around 260,000 active users. Therefore, once the marketplace for Coinbase NFT launches, it is going to become the largest marketplace for NFTs.