Coinbase joins the NFT bandwagon, to launch its marketplace 

Highlights

  • Coinbase said that it would launch the Coinbase NFT and allow minting, purchasing, showcasing, and discovering NFTs through its platform.
  • Coinbase aims to create a platform that provides the artists and fans with a unique marketplace to buy, sell their collectibles, and interact with them. 
  • Coinbase is the third such exchange to foray into the space, following FTX and Binance.

With an aim to grow the creator community exponentially, one of the leading cryptocurrency exchanges, Coinbase, has now hopped on the NFT bandwagon and is mulling to launch its peer-to-peer marketplace for non-fungible tokens (NFTs). The exchange said it would launch the Coinbase NFT and allow minting, purchasing, showcasing, and discovering NFTs through its platform. 

Announcing it through a blog post, Coinbase stated that it aims to create a platform that provides the artists and fans with a unique marketplace to buy, sell their collectibles, and interact with them. This is in line with Coinbase’s mission to increase economic freedom in the world. Coinbase feels that NFT has a more significant role in enabling the artists and fans to showcase their work while profiting from it. 

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Coinbase is the third such exchange to foray into the space, following FTX and Binance. Coinbase team feels like they have helped millions of people gain access to bitcoin for the first time, they can replicate the same in the NFT space.  

Exchanges now consider NFT as a genuine option. 

The exchanges are increasingly considering NFTs as a genuine option. This entry of exchanges would provide competition to another marketplace such as OpenSea and Rarible. Binance, the world’s largest crypto exchange, made its NFT debut in June, intending to reduce transaction costs. FTX made the entry to NFT a couple of days back. 

With the FTX NFT, the users will be able to mint NFTs and transfer the digital collectibles. FTX will be initially hosting the Solana minted NF assets with a plan to launch Ethereum-based NFTs in future. With the NFT boom, the exchanges feel this would be a great asset to add on besides their crypto offerings. 

Also read: Is Request Crypto (REQ) a good investment? Know price prediction

Coinbase third-most complained Digital Wallet firm

As Coinbase plans to launch its own NFTs, it also has its hands full with the issues related to its wallet services. The Massachusetts Student Public Interest Research Group notes that Coinbase has been found guilty of several digital wallet complaints

The group further pointed that the exchange and its wallet received 755 complaint cases during the study period which spanned over four-year starting from 2017 through April 2021.

At one point of time, during May 2020, the U.S. registered exchange was the top complained crypto exchanges with around 1060 complaints, majority of the which were related to digital wallets and their money transfers.

Some of the common complaints against the firm were opening, closing accounts, frauds and scams and unauthorized transactions. The companies that occupied the top two spots were PayPal and Square, with 4,431 and 1,202 complaints. 

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