San Francisco-based digital asset trading platform, Crypto exchange Coinbase has introduced the launch of its Non-Fungible Token (NFT) marketplace targeted to empower digital artists and promote the mainstream adoption of the NFT metaverse.
In response to a recent blog post shared by Sanchan Saxena, VP of Product, Ecosystem, stated the Coinbase NFT marketplace will operate as:
“A peer-to-peer market that will make minting, purchasing, showcasing and discovering NFTs easier than ever. Simply as Coinbase helped millions of individuals access Bitcoin for the primary time in a simple and trusted approach — we need to do the same for the NFTs.”
Per the Coinbase executive, the marketplace will considerably simplify the process of interacting with the NFT market for each creator and collector, with a particular emphasis on improved person expertise capabilities. In addition, Coinbase says it is going to be including further options that may serve the entire platform customers productively.
“We’re making NFTs extra accessible by constructing user-friendly interfaces that put the complexity behind the scenes. We’re including social options that open new avenues for dialog and discovery. And we’re going to develop the creator group exponentially, a win for artists and followers,”
Whereas legacy trading platforms like OpenSea, and Rarible are pioneering digital collectibles trading platforms, many prominent cryptocurrency exchanges like Crypto.com, Binance, FTX Derivatives exchange, and Coinbase are starting to make their strikes into this new niche. Backed by a thriving ecosystem that has embraced their digital currency products, the probability for these centralized exchange heavyweights to take a bigger market share is an actuality for existing players within the space.
Nevertheless, this potential competition can work to the favor of collectors and, as such drive, the mainstream adoption of the new space as new marketplaces will slug it out in terms of providing distinctive and priceless merchandise with the correct liquidity which might be low-cost to entry on the whole.
Whereas Coinbase appears prepared for its takeover, with a particular deal with creators, the influence of laws in the US would possibly usher in an unsure twist to its NFT marketplace within the near future.
Source: Blockchain News