Coinbase has announced that it will be making its own NFT marketplace native to the exchange. The company says that NFTs play an important role in its mission to "increase economic freedom in the world."
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The new marketplace, called Coinbase NFT, will be a peer-to-peer marketplace that will allow users to mint, purchase, showcase and discover NFTs. The initial launch will support Ethereum based ERC-721 and ERC-1155 smart contract NFT standards. Coinbase plans to add multi-chain support to the marketplace soon after launch.
The marketplace will create personal feeds for users based on interests and include social media elements. This would be the first NFT marketplace to create a social media-type space for artists and art traders to gather. Coinbase has already opened up a waitlist for the new marketplace which is said to be launching this year.
It's clear why Coinbase would like to enter the NFT market as trading volume for the asset class has exceeded $10 billion in just the last quarter alone. The industry is booming with money and activity that Coinbase wants to take part in.
This story is developing.