August 9, 2022

Coinbase Joins the Bandwagon, Floats its NFT Marketplace

2 min read

< img width ="1000"height="667"src="https://cdn.coingape.com/wp-content/uploads/2021/03/05145444/Coinbase-Bitcoin-BTC-Outflow.jpg" class ="attachment-full size-full wp-post-image"alt=""style="float: right; margin:0 0 10px 10px; “/ > Nasdaq-listed digital currency trading platform, Coinbase Global Inc has unveiled its Non-Fungible Token (NFT) market for digital artists and creators, joining its competing marketplaces consisting of Binance and FTX Derivatives exchange in drifting a comparable platform. The exchange said the platform will help with the trading of digital art work that are resident on the blockchain in a decentralized manner.

While the NFT metaverse has actually seen outstanding growth in the year-to-date duration, there is still a significant downside in regards to user experience for entrants into the market. According to Coinbase, the marketplace is developed with boosted user-experience functions, and it will presently support ERC-721, and ERC-1155 requirements with multi-chain assistance planned not long after.

“We will make it simple and easy for artists to keep innovative control through decentralized contracts and metadata transparency. All NFTs are on-chain. The preliminary launch will support Ethereum based ERC-721 and ERC-1155 requirements with multi-chain support prepared right after. We’ll offer the best user experience, however we’ll never lock creators in,” stated Sanchan Saxena, VP of Product, Ecosystem.

Coinbase possesses bridging the space between the seemingly esoteric community, and the general public when Bitcoin became a thing in its early days, the trading platform says it wants to do the very same with its NFT market.

Bringing Competition to Mainstream Players

The dive into the NFT metaverse by the most significant trading platforms remains in line to take up an excellent market share of mainstream trading platforms like OpenSea. OpenSea reportedly controls the bulk of the total trading volumes of all NFTs being traded on secondary markets today. The platform’s monthly deal volume crossed $3 billion in August.

While OpenSea and other markets like Rarible, and SuperRare currently preserve their leads as the pioneering NFT marketplaces, the introduction of Coinbase and its peers is billed to present a reasonable obstacle, which hopefully will add to improving further adoption of the digital arts by retail collectors.

While the requirement of the last customer is central to the success of NFT trading platforms, Coinbase said it will focus on the requirements of its artists and developers.

“Creating an NFT needs to be as simple as tapping a few buttons. Anything more complicated is a barrier to imagination. Coinbase NFT will be a peer-to-peer market that empowers the imagination. With an instinctive design developed on top of a decentralized marketplace, Coinbase NFT puts the art and artist’s experience at the forefront,” the Coinbase Executive stated.

The post Coinbase Joins the Bandwagon, Floats its NFT Marketplace appeared initially on Coingape.