1.3 Million in Line for New Coinbase NFT Platform
The newly announced Coinbase NFT platform already has more than 1.35 million people on the waiting list.
Coinbase Global Inc., a popular and heavily used ‘gateway’ for new investors making their first purchases of cryptocurrency like bitcoin and Ether, recently announced a soon-to-be-launched platform dedicated exclusively to trading of Non-Fungible Tokens (NFTs). It will be known as Coinbase NFT.
Since being founded in June 2012, Coinbase has experienced explosive growth in terms of the company’s popularity with cryptocurrency newcomers. The popularity of the exchange can be attributed primarily to how well the company’s trading platform accommodates newbies making their initial cryptocurrency purchases.
Coinbase Announce NFTs
Now, with Coinbase NFT it hopes to become the next “first stop” for investors who have developed an appetite for the raging NFT market. And why not? The NFT market went stratospheric in the third quarter, recording a mind-boggling sales volume of more than $10 billion.
Historically, much of the NFT trading activity has taken place on exchanges like Nifty Gateway, Rarible, and OpenSea. The latter of the three, OpenSea, has thus far handled the lion’s share of the market’s NFT trading volume. In fact, the site saw more than $3 billion in transaction volume in the last 30 days alone. Should Coinbase NFT be as successful as the company was with their original cryptocurrency platform, the company stands to gain considerably from a very lucrative NFT exchange market.
What are NFTs?
While it’s hard not to be aware of the recent NFT mania, there are those of us still struggling to gain a clear understanding of what these little rascals truly are. For my part, NFTs are certainly a niche market, very niche. And their explanation is comically simple: NFTs are digital versions of collectible items, like digital art. That’s it. Ultimately, NFTs give investors the ability to lay claim to digital content that they can store in personal digital wallets like they can with other cryptocurrencies. The types of NFTs are widely varied, but the NFTs that have been especially newsworthy lately are digital artwork NFTs.
According to Coinbase, their new NFT platform will be a digital marketplace “where you can mint, collect, discover, and showcase your NFTs, all in one place.” If the new Coinbase NFT platform is successful at demonstrating that the process of buying NFTs can be just as simple as it is to buy cryptocurrencies, then Coinbase popularity will only further accelerate once their NFT site is online.
A New Way of Art Collection
The fun and pride-of-ownership that are so inherent in certain collectibles, like baseball cards, has always been something we enjoyed not only as kids, but as adults as well. Once an easy-to-use platform like Coinbase NFT is available, it will likely generate an entirely new segment of art collectors in our society, and that’s a good thing for the artists behind the NFTs.
Author: Greyson Kelly
Greyson Kelly is a business writer living in Milwaukee, Wisconsin. He writes extensively on technological trends, cryptocurrency, and ‘cutting edge’ industry topics. He has an MBA in Business and has over a decade of experience in communications and public relations.