Coinbase Follows FTX.US Into NFT Trading

By CreatorStack · 11 days ago

Coinbase is joining the non-fungible token (NFT) arms race.

The U.S. crypto exchange is launching “Coinbase NFT,” a marketplace that will allow its users to buy and sell Ethereum-based digital collectibles, the company announced Tuesday. Coinbase’s NFT platform is expected to launch by the end of the year, sources told CoinDesk.

The move comes just a day after rival exchange FTX.US announced a marketplace for Solana-based NFTs, with plans to support other blockchains, including Ethereum, in the future.

If FTX’s bet on Solana is a signal that other blockchains are poised to take a slice of Etheruem’s hold on the NFT business, Coinbase is sending a different message – Ethereum’s NFT dominance has room to grow.

Coinbase’s product will take a direct swing at juggernaut marketplace OpenSea, which is currently home to the majority of Ethereum-based NFT trading.

OpenSea has seen remarkable usage during the NFT market’s red-hot run in the past four months, completing as many as 80,000 transactions per day at its peak. For some, however, the experience of navigating a browser-based crypto wallet remains a challenge.