Coinbase NFT comes as the publicly listed company continues efforts to diversify its business and reduce its reliance on transaction fees from crypto trades.
Coinbase has announced that it is opening a peer-to-peer marketplace to “make minting, purchasing, showcasing and discovering NFTs easier than ever.”
The exchange says the user experience when trying to create or purchase non-fungible tokens is “lacking” at present.
In a blog post unveiling Coinbase NFT, the company said user-friendly interfaces will reduce complexity, while social features will make it easier to enter into conversations about artworks and discover fresh content.
Sanchan Saxena, one of the company’s vice presidents, said:
“Creating an NFT should be as simple as tapping a few buttons. Anything more complicated is a barrier to creativity. Coinbase NFT will be a peer-to-peer marketplace that empowers the imagination. With an intuitive design built on top of a decentralized marketplace, Coinbase NFT puts the art and artist’s experience at the forefront.”
The exchange added that it is determined to ensure that artists continue to have creative control through decentralized contracts and metadata transparency. ERC-721 and ERC-1155 token standards on the Ethereum blockchain will initially be available, with support for other chains rolled out in future. This could mean that the project has teething problems, with congestion on the network resulting in high minting fees.
Coinbase NFT comes as the publicly listed company continues efforts to diversify its business and reduce its reliance on transaction fees from crypto trades. It’ll be interesting to see whether the exchange will be able to wrestle away market share from OpenSea — and the types of fees that artists may be charged.
A waitlist has now been established so users can express an interest in using the platform — and according to Decrypt, it will be live by the end of the year.