Coinbase Plans to Launch NFT Marketplace
Coinbase NFT allows users to mint, purchase, showcase and discover non-fungible tokens on the soon-to-be marketplace, according to the company’s blog post.
Key points:
All NFTs on the new Coinbase product will run on-chain via Ethereum-based ERC-721 and ERC-1155 standards but the company has plans for multichain support. The platform intends to have other blockchains featured by the beginning of 2022.
The NFT space generated $10.67 billion in trading volume during Q3, an increase of 704% from the quarter prior.
The announcement for the marketplace was made on Tuesday, October 12th.
“Coinbase NFT will help creators, collectors, and fans build community, which aligns with Coinbase’s mission of increasing economic freedom and bringing crypto to more people, in new, exciting and accessible ways,” a spokesperson for the publicly-traded company told Blockworks.
“NFTs will become a trillion dollar asset class by the end of the year,” Jenny DAO’s Jae Chung recently said at the Messari Mainnet event in September.
