Coinbase Launching NFT Marketplace With Social Features to Grow Creator Community ‘Exponentially’

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Cryptocurrency exchange Coinbase is launching a peer-to-peer marketplace for non-fungible tokens (NFTs). The Nasdaq-listed company says that “Coinbase NFT” will make “minting, purchasing, showcasing, and discovering NFTs easier than ever.” In addition, Coinbase says, “We’re going to grow the creator community exponentially, a win for artists and for fans.”

Coinbase NFT to Help Grow Creator Community ‘Exponentially’

The Nasdaq-listed cryptocurrency exchange Coinbase announced Tuesday that it is launching a marketplace for non-fungible tokens (NFTs). Sanchan Saxena, VP of Products at Coinbase, wrote:

Today, we’re announcing Coinbase NFT, a peer-to-peer marketplace that will make minting, purchasing, showcasing, and discovering NFTs easier than ever.

“Just as Coinbase helped millions of people access bitcoin for the first time in an easy and trusted way — we want to do the same for the NFTs,” he added.

Coinbase Launching NFT Marketplace With Social Features to Grow Creator Community 'Exponentially'
Screenshot of Coinbase’s NFT system. Source: Coinbase

Coinbase further explained: “All NFTs are on-chain. The initial launch will support Ethereum based ERC-721 and ERC-1155 standards with multi-chain support planned soon after. We’ll provide the best user experience, but we’ll never lock creators in.” Interested users can now sign up for early access.

Noting that “Industries such as fashion, gaming, and music are recognizing the power of NFTs to unlock new forms of creativity and ownership,” the Coinbase VP noted, “If you’ve tried to create or purchase an NFT, you’ve probably found the user experience lacking.”

Coinbase aims to make the process simpler, stating: “We’re making NFTs more accessible by building user-friendly interfaces that put the complexity behind the scenes. We’re adding social features that open new avenues for conversation and discovery.” The VP emphasized:

We’re going to grow the creator community exponentially, a win for artists and for fans.

What do you think about Coinbase launching an NFT marketplace? Let us know in the comments section below.

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