Coinbase NFT meets over 100 NFT creators amid an eagerly awaited launch

Last year, Coinbase revealed that it would be creating a marketplace for non-fungible tokens (NFTs) and even launched a waitlist for users. Coinbase has now stated that an NFT marketplace could be launched soon.

Coinbase NFT launching soon

On March 14, Coinbase NFT posted a tweet saying that the platform had held meetings with over a hundred content creators. The creators will work together with the NFT platform to make the launch of this marketplace a success.

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However, the launch date for this marketplace is yet to be announced. However, Coinbase has stated that the marketplace will have distinct attributes that set it apart from its competitors.

One of these unique factors is the “social function” that will boost the engagement between users and the artists behind the NFTs. This will foster the growth of a community that will work together to achieve overall growth and success.

The CEO of Coinbase, Brian Armstrong, commented on the development, saying, “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.” Armstrong has also recently stated that the NFT market could surpass the cryptocurrency sector.

Coinbase wants to compete in the NFT space

Coinbase NFT’s waitlist has grown to over 2.5 million users. By venturing into the NFT sector, Coinbase will be competing with OpenSea, which is currently the largest marketplace for non-fungible tokens. During the past month, the number of transactions and active users on OpenSea has dipped by around 15%.

Coinbase NFT was announced on October 2021. Coinbase is a leading player as a cryptocurrency exchange, and this news elicited a buzz in the NFT community. Binance, the largest exchange by trading volumes, already has a functioning NFT platform known as Binance NFT.

Coinbase, as an exchange, has scooped a large share of the crypto space due to compliance. The US-based exchange was listed on Nasdaq early last year. Therefore, the high level of compliance could allow Coinbase NFT to beat the existing competition. Moreover, the NFT sector continues to grow, which is a good sign for trading volumes.