Coinbase Is launching Its Own NFT Marketplace

Coinbase announced the launch of a marketplace for Non-Fungible Token (NFTs).

Hello Punks and Penguins
Hello Cats and Kitties
Hello Apes and Art Blocks

We’re excited to announce the fast-approaching launch of Coinbase NFT, a new peer-to-peer marketplace where you’ll be able to create, buy, sell, and share NFTs.

Learn more here ? https://t.co/EsScpBP59i pic.twitter.com/YeMhS5cyII

— Coinbase (@coinbase) October 12, 2021

In the Coinbase NFT marketplace, users will be able to buy or sell NFTs. Coinbase has also stated that it will incorporate “social features” and touted its platform as being more user-friendly than other platforms.

Coinbase Blog Writes:

“Today, we’re announcing Coinbase NFT, a peer-to-peer marketplace that will make minting, purchasing, showcasing and discovering NFTs easier than ever. Just as Coinbase helped millions of people access Bitcoin for the first time in an easy and trusted way — we want to do the same for the NFTs.

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 has two strong competitors Binance and FTX. Binance as well as FTX both recently created their marketplaces for NFT. However, these exchange NFT marketplaces are just grumps in comparison to OpenSea which holds 97 percent of the NFT market. In the past month, OpenSea facilitated nearly $2.8 billion worth of NFT transactions, as per DappRadar.