Coinbase announced the impending debut of Coinbase NFT Marketplace on Twitter. This NFT marketplace will allow users to find, mint, buy and promote the NFTs that will be launched by Coinbase.
Coinbase NFT team met with more than 100 NFT innovators who wanted to speed up the marketplace’s introduction.
Coinbase NFT marketplace will compete with existing NFT markets, such as OpenSea and LooksRare (LOOKS), by allowing a platform for users and artists to communicate.
More than 2.5 million people have apparently signed up for the Coinbase NFT waitlist since it was initially announced that the service would be available in October 2021.
By the end of 2021, Coinbase CEO Brian Armstrong was promoting the NFT industry, claiming that Coinbase NFT may be more successful than the company’s cryptocurrency division.
The prospect of having access to more than 2.5 million users is very intimidating and artists who are now minting on other NFT markets are likely to join the Coinbase NFT community.
The Goal of Coinbase Regarding NFTs
Expectations have been sky-high since the announcement of the new ‘Coinbase NFT’ marketplace on October 12, 2021, as the platform’s endorsement from the biggest exchange in America would put it in direct conflict with other giants such as NBA Top Shot Marketplace and Binance NFT.
As a crucial consideration, it is important to note that Coinbase has long been a market leader in the cryptocurrency business due to its strict adherence to all US regulatory regulations. This gives it an advantage over its rivals.
It’s quite probable that, when the new NFT platform does launch, Coinbase will attract a huge number of “loyal” artists and users from the competition, even though no exact date has been announced.
Coinbase NFT marketplace should benefit from a favorable regulatory environment
There has been an increase in interest in NFTs, as well as an increase in trademark applications, which could place Coinbase NFT as the industry leader if it innovates and market their product better than OpenSea and make use of their vast amount of resources.
Coinbase is preparing for the possibility that US authorities would tighten investor protections in the wake of the recent disclosure of KYC requirements for the upcoming Bored Ape Yacht Club release which will provide the advantage.
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