Coinbase Sees 1.4 Million Signups for New NFT Platform

Coinbase sent ripples through the crypto community on Tuesday, when it announced its new NFT platform. Dubbed “Coinbase NFT”, the company promises an easier way for people to mint and buy NFT’s. An obvious move since the publicly traded exchange has been teasing the announcement since spring, and multiple other crypto exchanges, such as Binance and FTX have recently gotten into the space as well.

"Creating an NFT should be as simple as tapping a few buttons ... Coinbase NFT will be a peer-to-peer marketplace built to enable creativity [w]ith an intuitive design built on top of a decentralized marketplace," said the company in a blog post. With the post came a waitlist, for customers interested to sign up, ala pre-order

Planned to launch before the end of the year, the service has amassed 1.4 million sign-ups in the past 48 hours. At the time of publishing this article, the ticker is currently at 1,516,373. “We are getting a LOT of signups - so grateful for all your interest,” Coinbase vice president of product Sanchan Saxena wrote on Twitter on Wednesday. “We are seeing insane loads on our servers and our team is working hard to get this resolved. Check back soon!”

There aren't many details about the service, from minting fees, purchasing fees, the blockchain these digital collectibles will be hosted on, etc. But it is hard to deny the potential amount of business this program will generate for the crypto giant, as well as the exposure now given to this up-and-coming form of media.