Coinbase has just announced that it will launch its NFT marketplace… “soon.”
On March 14, Coinbase NFT —the account for Coinbase’s upcoming NFT marketplace— posted on its official Twitter account that its team met with more than 100 content creators to work on the launch of their new NFT marketplace.
However, so far, there is no official launch date. What is clear is that the marketplace will be launched in the near future and will feature several tools and innovations that are not offered by the competition.
Coinbase NFT Tweet. Image: Twitter
Coinbase seeks to innovate in the NFT industry.
According to Coinbase, its key differentiator will be the new “social function” with which they seek to improve the interaction between artists and users, allowing them to create a community of creators set to grow exponentially.
Brian Armstrong, CEO of Coinbase, recently said that the NFT market could eventually surpass that of cryptocurrencies which is why they are in the process of creating a marketplace that offers a more immersive experience such as that of social networks like Instagram or Facebook.
“We are very excited about NFTs, this is going to be a very large area for crypto in the future, and it already is today,”
Coinbase NFT has 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 statistics, OpenSea, Coinbase NFT’s biggest competitor, has seen a 15% decline over the last 30 days, both in internal transactions and active users. Even the transactional volume decreased by 42.65%. So perhaps it is not a bad time for Coinbase to launch its new platform.
Opensea statistics collected by Dappradar. Source: Dappradar
Coinbase Wants To Join The NFT Game.
The new Coinbase NFT marketplace was announced last October 12, 2021, raising high expectations among the community since then, as the backing 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 important fact to consider is that Coinbase has positioned itself for years as a leader in the cryptocurrency market by complying with all the legal regulations imposed by the American government, which could translate in a direct advantage over the competition.
So, although Coinbase has not yet announced a specific date for the launch of the new NFT platform, it is very possible that once it is launched, it will attract a lot of artists and users who right now are “loyal” to the competition.