Sanchan Saxena, the Vice President of product at Coinbase stated yesterday that the “insane” amount of traffic from signing as much as waitlist quickly broke the site.
There have already been more than 1 million sign-ups for the Coinbase NFT platform since the waitlist went live on Oct.12.
Coinbase opened up the waitlist through a blog post announcing its upcoming coinbase NFT platform which is slated to launch later this year. The platform dubbed “Coinbase NFT” will initially assist the Ethereum-based ERC-721 and ERC-1155 token standards, with plans to develop assist to different blockchains in the future.
At the time of writing, there are virtually 1.1 million individuals waiting for early entry to the NFT platform. Sanchan Saxena, the Vice President of product at Coinbase tweeted that the “insane” quantity of visitors for the waitlist quickly broke the site.
If Coinbase’s person base is something to go by — around 68 million verified users and 8.8 million monthly active customers as of Q2 2021 — the NFT platform may quickly present some serious competitors to giants such as OpenSea. In line with data from DappRadar, OpenSea has a rolling 30 day common of 260,000 active customers who’ve performed a mixed complete of 2.49 million transactions over the previous month.
In line with the fine print, the Coinbase NFT platform will initially be available to U.S. clients over the age of 18 before being rolled out to worldwide markets in the future.
Coinbase plunge into the NFT sector comes after competing for crypto exchanges FTX and Binance each launched their own NFT marketplaces. Binance NFT opened its doors in June, with the platform aiming to supply low transaction prices, whereas FTX and FTX.US launched NFT platforms with restricted performance final month.