The digital currency trading platform Coinbase Global Inc, listed on the Nasdaq, has revealed its Non-Fungible Token (NFT) marketplace for digital artists and creators, which joins its competing marketplaces including Binance and FTX Derivatives are exchanging a similar platform. The exchange said the platform will make it easier to buy and sell digital works of art that are decentralized on the blockchain.
“We’ll make it easy for artists to maintain creative control through decentralized contracts and metadata transparency. All NFTs are on-chain. The initial rollout will support the Ethereum-based ERC-721 and ERC-1155 standards, with multi-chain support planned soon after. We offer the best user experience, but we will never lock the developers up, ”said Sanchan Saxena, VP of Product, Ecosystem.
Coinbase prides itself on bridging the gap between the seemingly esoteric ecosystem and the public when Bitcoin became a thing in its early days. The trading platform says they want to do the same with their NFT marketplace.
Bring competition to mainstream gamers
The entry of the largest trading platforms into the NFT metaverse is in line to get a good market share from mainstream trading platforms like OpenSea. OpenSea reportedly controls the majority of the total trading volume of all NFTs traded on secondary markets today. The platform’s monthly transaction volume crossed $ 3 billion in August.
While OpenSea and other marketplaces like Rarible and SuperRare are currently claiming their leading position as groundbreaking NFT marketplaces, the emergence of Coinbase and its competitors is seen as an appropriate challenge that will hopefully help further increase the adoption of digital art by retail collectors .
While the end user’s needs are central to the success of NFT trading platforms, Coinbase said it will prioritize the needs of its artists and creators.
“Creating an NFT should be as easy as tapping a few buttons. Anything more complicated is an obstacle to creativity. Coinbase NFT will be a peer-to-peer marketplace that stimulates the imagination. With an intuitive design built on a decentralized marketplace, Coinbase NFT puts the art and artist experience first, ”said the Coinbase Executive.
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Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real world applications of blockchain technology and innovations to drive general adoption and global integration of the emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and websites. Benjamin Godfrey loves sports and agriculture. Follow him on Twitter, Linkedin