Coinbase has announced that it will create its own native NFT marketplace for the exchange. The company says NFTs play an important role in its mission to “increase economic freedom in the world”.
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The new marketplace, called Coinbase NFT, will be a peer-to-peer marketplace that allows users to coin, buy, showcase, and discover NFTs. The initial launch will support the Ethereum-based ERC-721 and ERC-1155 smart contract NFT standards. Coinbase plans to add multi-channel support to the market soon after launch.
The Marketplace will create personal feeds for users based on their interests and include social media elements. It would be the first NFT marketplace to create a social media-like space for artists and art traders. Coinbase has already opened a waiting list for the new market which is expected to launch this year.
It is clear why Coinbase would like to enter the NFT market when the trading volume for the asset class exceeded $ 10 billion in the last quarter alone. The industry is booming with money and activities that Coinbase wants to participate in.
This story is developing.