Coinbase launches its NFT market

To compete with major industry players such as OpenSea, Coinbase launches its own marketplace called Coinbase NFT. The company wants to stand out from the competition by offering a more intuitive interface. It is also an opportunity for the company to acquire a new source of income, which is highly dependent on trading fees.

The explosion of the use of NFTs

NFTs are cryptographic tokens whose authentication is validated using a blockchain protocol. These tokens often represent a digital object such as an image, audio file, video, etc. This technology is for example widely used in the Ethereum blockchain and has seen the price of its crypto currency, Ether explode thanks to its arrival.

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During the third quarter of 2021, the non-fungible token (or NFT) market exceeded $ 10 billion in transactions according to Dapp Radar. Notable purchases include the sale of a digital collage by artist Beeple for $ 70 million. Another person also paid $ 3 million to buy the first tweet in history, written by Jack Dorsey, co-founder and CEO of Twitter.

A new NFT marketplace with an intuitive interface

Coinbase, a cryptocurrency company, is taking a lot of interest in NFTs. He has decided to launch his own NFT market. He wants to make these products more accessible by creating a “user-friendly” interface. “By enabling more people to join the creator economy and benefit from their work, NFTs have an important role to play.” Coinbase specifies in its press release. The platform therefore intends to add social features to its market, as well as services for influencers who will be able to sell NFTs.

The NFT market offered by Coinbase will initially be based on Ethereum and the ERC-721 and ERC-155 token categories. Other blockchains will be invited to enter the company’s market. In addition to Coinbase NFT and OpenSea, Binance, Gemini and FTX have also launched their platforms, as well as Alibaba.

Coinbase opens up to individuals and introduces them to cryptocurrencies

In parallel with this announcement, Coinbase will facilitate crypto payments for musicians. Thanks to an exclusive partnership with the American music distributor United Master, artists will have the opportunity to be paid with US dollars or with a cryptocurrency of their choice from the wide range offered by the brand.

A new feature that comes just a month after the company offered its American customers to deposit their salaries in Coinbase to turn them into cryptocurrency. This deposit is obtainable with no transaction fees and users will receive numerous cryptocurrency rewards via Coinbase Cards.

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