In reaction to the offensive of its competitors Binance and FTX, Coinbase will also launch a marketplace for NFTs. Release scheduled for late 2021.
Can a self-respecting crypto-asset player still afford to remain inactive in the field of NFTs, non-fungible tokens? With its billions of dollars in transaction volume, the answer is probably no.
Coinbase, the leading American exchange with 68 million users, formalizes its ambitions in this sector. And therefore no question of leaving the field open to its competitors FTX and Binance.
Ethereum NFTs for Coinbase
The first accelerates the pace on the NFTs. FTX recently announced support for NFT Solana. And soon, Ethereum tokens will find their place on its marketplace.
It’s time for Coinbase to get going, and also to reassure investors. Message sent. In a blog post, the vice president of product and ecosystem outlines the firm’s plans.
Sanchan Saxena therefore indicates that Coinbase will open its NFT marketplace by the end of the year. The service will allow users to monetize, buy, discover and present Ethereum tokens.
So far, nothing but very classic, as the existing NFT marketplaces already offer. Perhaps to stand out, the executive adds that creators will retain control over their digital works.
OpenSea’s $ 8.7 billion makes people jealous
How? ‘Or’ What ? Through “decentralized contracts and transparency of metadata.” Obvious if Coinbase wants to hope to convince creators to feed the shelves of its marketplace and therefore generate transactions.
But Coinbase arguably has another more compelling argument: its size with 68 million verified users and 8.8 million active every month. However, in addition to exchanges, there is also competition from NFT specialists, such as OpenSea and Rarible.
And there is no doubt that the transaction volume generated by these specialists is precisely what arouses the sudden interest of crypto exchanges for these digital assets. According to Dappradar, this amount reaches 8.7 billion dollars for OpenSea.
The platform charges a commission of 2.5% on sales made. The explosion in 2021 of NFTs therefore makes OpenSea happy – and whets the appetites of its rivals. FTX is picking up the pace and cutting back on the commission, set at 2%.
