Coinbase is readying its own non-fungible token (NFT) platform that will compete with market leaders OpenSea and recently launched FTX Solana NFT platform. The official page doesn’t give much away in terms of details and, in true Coinbase fashion, is requesting users sign up through a waiting list.

The announcement was made in a blog post on Oct 13 where the company stated that current NFT purchasing experiences may be “lacking,”

“Today, we’re announcing Coinbase NFT, a peer-to-peer marketplace that will make minting, purchasing, showcasing, and discovering NFTs easier than ever.”

NFTs on Coinbase

It added that it will build user-friendly interfaces and put the “complexity behind the scenes.” Social features will be included to assist in the discovery of newly launched pieces and collections on what it describes as a peer-to-peer platform.

It also plans to offer a “personal feed” based on user interests and preferences for NFTs.

NFTs on Coinbase will initially only be available for U.S. customers but the company has plans to expand globally. It will also initially only support the Ethereum standard ERC-721 and ERC-1155 tokens but plans to integrate multi-chain support “soon after.”

There were no details on fees but it is likely that the new platform has been designed to increase profits for the exchange. In August, it was reported that Coinbase saw record revenues of $2 billion in Q2, with 95% of that generated from transaction fees.

The new offering will go up against market leader OpenSea which had a record transaction volume of $3.4 billion in August according to TechCrunch. Nonfungible is currently reporting a daily NFT sales total of $42 million for Oct 12 and figures have been climbing again following a lull in September.

A crowded scene

Coinbase competitor FTX launched its own NFT platform for American customers this week. The Solana-based marketplace will enable users to mint, trade, and sell NFTs but is subject to KYC requirements as Coinbase is likely to be.

Binance has also launched its own BSC-based NFT platform and the space has become increasingly crowded as the centralized exchanges don’t want to miss out on potential profits.

In late September, Coinbase funded a new NFT marketplace that focuses on trading Twitch gaming stream clips.

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Author: Martin Young