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.
“If you’ve tried to create or purchase an NFT, you’ve probably found the user experience lacking,” Coinbase said in a blog post. “Coinbase NFT will make minting, purchasing, showcasing, and discovering NFTs easier than ever. We’re making NFTs more accessible by building intuitive interfaces that put the complexity behind the scenes.”
Users can join the Coinbase NFT waitlist here.
