Coinbase is launching its own NFT platform

Competing with OpenSea

The cryptocurrency exchange company Coinbase has opened up the waitlist for something exciting, its own marketplace for NFTs, Coinbase NFT.

What is it?

Coinbase is the latest crypto firm to dive into NFTs, with its new peer-to-peer marketplace launching later this year that will make purchasing, discovering, minting, and showcasing NFTs easier than ever before. At first, it will only support Ethereum-based ERC-721 and ERC-1155 NFTs, but the company has plans to expand to other chains later on.

Even more competition

Coinbase isn’t the only company to recently decide to expand into the NFT space, as on Monday, FTX announced the launch of FTX NFTs, its NFT marketplace that will allow users to mint, hold, authenticate, and trade NFTs on the Solana blockchain, and eventually the Ethereum blockchain.

Grow the creator community

In a blog post from Coinbase, they revealed they are “making NFTs more accessible by building user-friendly interfaces that put the complexity behind the scenes. We’re adding social features that open new avenues for conversation and discovery. And we’re going to grow the creator community exponentially, a win for artists and for fans.”

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