Coinbase Is Planning to Launch Its Own NFT Platform

Crypto exchange Coinbase has announced they are planning to launch a non-fungible token (NFT) platform.

According to a blog post published on October 12, Nasdaq-listed crypto exchange Coinbase will be launching a platform for minting, purchasing and selling NFTs in the near future. The new platform, which is named Coinbase NFT, will serve as a peer-to-peer marketplace for NFTs, with the goal of making it easy for millions of people to have access to get involved with NFTs.

The blog post reads: 

We’re making NFTs more accessible by building user-friendly interfaces that put the complexity behind the scenes. We’re adding social features that open new avenues for conversation and discovery. And we’re going to grow the creator community exponentially, a win for artists and for fans.


Coinbase’s Sanchan Saxena — VP of Product (Ecosystem) — went on to say:

A key part of that experience is control. We will make it effortless for artists to maintain creative control through decentralized contracts and metadata transparency. All NFTs are on-chain. The initial launch will support Ethereum based ERC-721 and ERC-1155 standards with multi-chain support planned soon after. We’ll provide the best user experience, but we’ll never lock creators in.

People who are interested in checking out Coinbase NFT can “sign up for early access and regular updates today by visiting www.coinbase.com/nft/announce.”

News of Coinbase’s NFT platform comes just one day after rival crypto exchange FTX.US announced the launch of a Solana-based NFT marketplace, with intentions to add Ethereum NFTs in the future. 

Disclaimer

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

Image Credit

Featured Image Courtesy of Coinbase

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