Coinbase Announces Plan to Launch NFT Marketplace
Key Insights:
- Coinbase eyes a piece of the NFT marketplace pie.
- The US-listed crypto firm plans to bring innovation to the NFT sector.
- At launch, hundreds of NFT creators will bring content to Coinbase NFT.
Coinbase is a crypto exchange based in the US and listed on the NASDAQ. Supporting crypto trading, Coinbase is one of the world’s leading crypto exchanges, with a global presence.
Coinbase Plans a Move into the NFT Sector
Overnight, Coinbase took to Twitter, announcing the imminent launch of Coinbase NFT. Coinbase NFT is a peer-to-peer marketplace allowing users to discover, mint, purchase, and showcase NFTs.
Your capital is at risk
Wen Coinbase NFT? Soon.
We recently met with 100+ creators and we’re continuing to build the product based on community feedback. We appreciate your patience and can’t wait to show you what we’re cooking up.
💙🙏🔜 -Coinbase NFT
— Coinbase NFT (@Coinbase_NFT) March 14, 2022
According to the announcement, Coinbase NFT met with more than a hundred creators looking to expedite the launch of the NFT marketplace.
Competing with other NFT marketplaces, including OpenSea and LooksRare (LOOKS), Coinbase NFT will aim to provide a more collaborative environment by supporting interaction between platform users and creators.
Since first announcing the planned launch of Coinbase NFT in October 2021, more than 2.5 million people have reportedly joined the Coinbase NFT waitlist.
In late 2021, Coinbase CEO Brian Armstrong talked up the NFT sector, reportedly saying that Coinbase NFT could be more successful than its cryptocurrency business. When considering the Coinbase brand, other NFT marketplaces may face tough competition ahead.
With creators currently minting on other NFT marketplaces, it is likely for them to join the Coinbase NFT community for access to more than 2.5m waitlisted users.
Regulatory Landscape Should Favor Coinbase NFT
In recent months, NFTs have garnered greater regulatory scrutiny. Record trading volumes at the start of the year coincided with a marked increase in regulatory activity.
Several jurisdictions have raised concerns over NFTs and the need for greater regulatory oversight. Despite the increase in regulatory chatter, mainstream names have flooded into the virtual world.
Big industry names entering the NFT space come from the fashion, healthcare, music, sport, and retail sectors. Some of the biggest brands include Sony, Walmart, Victoria’s Secret, Nike, the NFL, the MLB, the NBA, and UFC fighting.
The heightened interest in NFTs, rising number of trademark applications, and its continued compliance with US laws should position Coinbase NFT as a market leader. Following news of KYC requirements for the next Bored Ape Yacht Club release, Coinbase will also have the appropriate infrastructure in place to hit the ground running should US regulators impose tighter measures to protect investors.