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Coinbase Is Launching NFT Market Place. Target to Displace Opensea As Leading NFT Ecosystem Player

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Last updated on October 14th, 2021 at 04:31 pm

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The cryptocurrency exchange Coinbase disclosed on Tuesday that it plans to launch a marketplace that lets users mint, collect and trade NFTs, or nonfungible tokens. Users can sign up to a waitlist for early access to the feature, the company said.

Coinbase said its NFT marketplace, called Coinbase NFT, would include “social features” and tap into the trend of creator economy, a term used to describe the world of people who make money posting videos and other content online.

Still, a move into the NFT space could be a way for Coinbase to branch out into new revenue streams — the company is currently heavily reliant on exchange fees. It would also pit the firm against other crypto start-ups like Gemini, Binance and OpenSea, which is backed by early Coinbase investor Andreessen Horowitz.

Last month, OpenSea admitted insider trading took place on its platform. The company is by far the biggest NFT marketplace, according to DappRadar.

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