Coinbase is making a foray into the NFT domain; marketplace to launch soon

Coinbase, NFT,
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Key Takeaways

  • Crypto exchange Coinbase will launch an NFT marketplace by the end of the year.
  • The growing sales in the NFT (non-fungible token) sector might increase the company’s revenue.

YEREVAN (CoinChapter.com) – Coinbase, the second-largest crypto exchange by daily trading volume (over $4 billion) is preparing to launch a marketplace to mint, collect, and trade NFTs. The exchange announced Tuesday, that it aims to release the new platform by the end of the year, and launched a waitlist for the users who wish to join.

Coinbase also took to Twitter and announced a creator share fest, with a promise to retweet some of their favorite submissions from NFT artists.

According to Coinbase’s claim, the exchange will put the artist’s experience “in the forefront” and put together an intuitive interface for NFT creators to work in. The crypto trading giant also noted, that “social engagement” will be the primary aim of the upcoming marketplace.

Your profile will showcase all your NFTs in one place, helping you connect with like-minded fans or artists. The social element shapes the future by sharing passions, birthing new collaborations, and firing up the imagination.

announced the Coinbase team

However, the booming market for one-of-a-kind digital assets might be the primary factor for Coinbase to dip its toes in NFTs.

Also read: Basement Dwellers to launch NFT collection based on meme culture and gamer stereotypes

NFT market expansion

According to the statistics, trading NFTs topped $10 billion in transaction volume in Q3 2021. The Q3 result is a 704% increase from Q2, and a whopping 38,060% increase year-over-year. A quarterly report by a data analysis company DappRadar shows that the market cap of the top 100 Ethereum collections, plus the NBA Top Shot clocked in at $14.19 billion.

In addition, the report shows that the NFT portion in the DeFi sector has been rising all year. September statistics reflect a particularly rapid increase in trading volume.

NFT share in the DeFi sector is on the rise. Source: DappRadar Q3 report.
NFT share in the DeFi sector is on the rise. Source: DappRadar Q3 report.

One of the reasons behind the recent NFT boom is increased exposure. Celebrities like Mila Kunis, Snoop Dogg, Doja Cat, Shaquille O’Neal, and Steve Aoki have already jumped on the bandwagon. The exposure subsequently generated media coverage, spurring sales.

Moreover, there are particular projects that stand out from the rest, and reward their buyers beyond simple ownership. For instance, owning a CyberKongz or SupDucks NFT can earn the holder passive income. Every Kongz holder receives 10 BANANA a day, which amounts to a yield of $497 a day, while the price for each NFT starts at approximately 9ETH.

Also read: Coinbase stock falls 4.4% after the exchange buckles under SEC pressure

Given the rapid expansion of the NFT market as a whole, Coinbase’s decision to jump aboard might bring the company additional revenue. As mentioned, the planned launch of the new marketplace will commence by the end of the year.

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