Coinbase announces the launch of Coinbase NFT

By Joy Dumasia

Coinbase announces the launch of its marketplace for non-fungible tokens (NFTs). Prospective users will join the waiting list to use Coinbase NFT, a decentralized marketplace for NFTs that will make minting, purchasing, showcasing, and discovering NFTs easier than ever.

NFTs offer buyers the opportunity to own digital assets that are stored on the blockchain. NFTs have gained mainstream attention across the art, music and fashion industries, enabling creators to monetize their digital work and providing buyers with a unique and clear proof of ownership.

NFT trading activity is on the rise. It soared this summer, more than doubling between July and August 2021, with roughly 280,000 unique buyers and sellers by the end of August. High profile NFT sales include the £500,000 sale of the ‘Charlie Bit My Finger’ NFT earlier this year.

Coinbase NFT will be a peer-to-peer marketplace designed to enable creativity. The initial launch will support Ethereum-based ERC-721 and ERC-1155 standards with multi-chain support planned for the near future. The platform has been created to foster community and connect creators, collectors and fans. Users will receive a personal feed that will showcase their NFTs in one place, helping to connect them with like-minded fans or artists.

Coinbase’s overarching mission to drive economic freedom, Coinbase NFT, will empower creators and help raise the ‘creator economy’ from being a smaller subset of the ‘real economy’ into a central driver of economic activity.

IBS Intelligence reported that Monneo, regulated by the Financial Conduct Authority (FCA), a virtual IBAN and corporate account provider, has enlisted cryptocurrency exchange Coinbase to enable invoices in a range of cryptocurrencies.