< img class =" size-full wp-image-176053 "src ="https://cryptopotato.com/wp-content/uploads/2022/03/coinbase.png" alt="Coinbase NFT Tweet. Image: Twitter"width="676" height="486"srcset= "https://cryptopotato.com/wp-content/uploads/2022/03/coinbase.png 676w, https://cryptopotato.com/wp-content/uploads/2022/03/coinbase-300x216.png 300w, https://cryptopotato.com/wp-content/uploads/2022/03/coinbase-50x36.png 50w"sizes=" (max-width: 676px )100vw, 676px"/ > Coinbase NFT Tweet. Image: Twitter Coinbase looks for to innovate in the NFT market. According to Coinbase, its essential differentiator will be the new” social function” with which they look for to improve the interaction between artists and users, permitting them to develop a neighborhood
of developers set to grow exponentially. Brian Armstrong, CEO of Coinbase, just recently said that the NFT market might ultimately go beyond that of cryptocurrencies which is why they remain in the process of developing a marketplace that uses a more immersive experience such as that of social media networks like Instagram or Facebook.
“We are really excited about NFTs, this is going to be a large area for crypto in the future, and it currently is today,”
Coinbase NFT has actually already received more than 2.5 million registrations from users on the waiting list to join the platform, just 5 months after it was announced.
According to DappRadar data, OpenSea, Coinbase NFT’s biggest competitor, has actually seen a 15% decline over the last 30 days, both in internal deals and active users. Even the transactional volume reduced by 42.65%. So perhaps it is not a bad time for Coinbase to release its new platform.
Opensea stats collected by Dappradar. Source: Dappradar Coinbase Wants To Join The NFT Game.
The new Coinbase NFT market was announced last October 12, 2021, raising high expectations among the community ever since, as the support of the largest exchange in the United States would put the platform in direct competition with other titans such as OpenSea, Rarible, NBA Top Shot Marketplace, Binance NFT, Crypto.com among others.
An essential truth to consider is that Coinbase has actually placed itself for years as a leader in the cryptocurrency market by adhering to all the legal policies enforced by the American federal government, which might equate in a direct advantage over the competition.
So, although Coinbase has not yet announced a particular date for the launch of the new NFT platform, it is extremely possible that once it is introduced, it will attract a great deal of artists and users who today are “devoted” to the competition.