To put that figure into context, OpenSea had 442,841 users over the past month — should the world's biggest NFT marketplace be worried?
OpenSea might have something to worry about with the arrival of Coinbase NFT, new figures suggest.
Coinbase’s CEO, Brian Armstrong, has revealed that more than one million people have joined its waitlist in a single day — and only people in the U.S. were allowed to sign up.
To put that figure into context, OpenSea had 442,841 users over the past month.
Coinbase executive Sanchan Saxena said the waitlist’s arrival had also placed “insane loads” on its servers — so much so that capacity had to be scaled up to cope with demand.
Of course, names on a waitlist don’t always equate to actual users. But the sizable response to Coinbase’s announcement could indicate that a large chunk of crypto enthusiasts are yet to dive into NFTs — potentially because they have been too expensive or complicated to use before.
The exchange has said that it hopes to simplify the process for investors, in a similar way to how it attempted to enhance the user experience for people buying digital assets.
Coinbase’s brand recognition could mean that it’s also a practical place for mainstream, legacy entertainment brands to launch their collections — such as ViacomCBS, who unveiled a partnership with RECUR yesterday.
The Roadmap
Coinbase NFT is set to launch later this year, and those who have signed up to the waitlist will be notified when the platform is live.
In an intriguing development, the trading platform is also inviting subscribers to use a unique referral link in order to encourage others to join the waiting list too — and those who generate the highest number of sign-ups could end up receiving early access to the marketplace.
Although Coinbase NFT will only be available for customers in the U.S. to begin with, the company says its service “will expand to other countries some time in the future.”
