By Franklin Smith
- Coinbase plans to join the non-fungible token market
- The US-listed cryptocurrency company promises to revolutionize the NFT industry.
- Such a move will have many NFT creators joining the Coinbase NFT marketplace.
Coinbase revealed plans to introduce an NFT marketplace. However, the platform is yet to issue official dates for the new functionality.
Coinbase is a NASDAQ-listed cryptocurrency exchange based in the United States. It is among the world’s top crypto trading platforms boasting a global presence.
Coinbase to Join the NFT Market
Coinbase tweeted about an impending Coinbase NFT launch. Coinbase NFT will allow users to discover, mint, buy and showcase non-fungible tokens. The announcement declared that the platform met multiple creators ready to advance the NFT marketplace launch.
While competing with different NFT markets such as LooksRare and OpenSea, Coinbase NFT guarantees a more collaborative atmosphere, ensuring interaction between creators and platform users. Reports suggest over 2.5 million joined the waitlist by Coinbase NFT since the first announcement in 2021 October.
Moreover, Coinbase executive Brian Armstrong commented on the NFT sector late last year, stating that Coinbase NFT might be more successful than the crypto business. Coinbase as a brand might mean intensified competition within the non-fungible token market.
Creators minting on different NFT platforms might join the Coinbase NT marketplace to access over 2.5 million waitlisted users.
Regulatory Framework Should Favor the Coinbase NFT Market
NFTs have witnessed massive regulatory scrutiny recently. High trading volumes early on the year met increased regulatory activities in the marketplace. Multiple jurisdictions raised worries about the NFT market and suggested intensifying regulatory oversight. However, mainstream names kept joining the digital world despite surged regulatory landscape.
Leading names joining the NFT market are from the retail, sport, fashion, music, and healthcare space. Some renowned brands are Walmart, Sony, UFC fighting, NBX, MLB, NFL, Nike, and Victoria’s Secret.
The increased NFTs interest, heightened trademark applications, and compliance with the US rules should position the Coinbase NFT marketplaces as a leader in the space.
Coinbase should ensure an appropriate infrastructure should regulators in the US tighten policies to safeguard investors. Recently, regulators requested KYC protocols for the upcoming Bored Ape Yacht Club (BAYC) release.