Cryptocurrency exchange says it will ‘make casting, buying, displaying and discovery of NFTs easier than ever’
Coinbase Global Inc. is on a mission to make it easier to create, buy, advertise and learn non-fungible tokens – and the company aims to do so by launching a new NFT marketplace by the end of the year.
The cryptocurrency exchange announced on Tuesday that it will be rolling out “Coinbase NFT,” which it says will be a “peer-to-peer marketplace that will make NFTs easier than ever.”
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“Just as Coinbase helped millions of people access bitcoin in an easy and reliable way for the first time – we want to do the same for NFTs,” wrote Sanchan Saxena, Coinbase VP of Product in a blog post.
NFTs are unique digital tokens that are secured using the same technology behind cryptocurrencies, and intangible assets have gained popularity over the past year. They can be works of art, videos, photographs or even memes. But there are far more buyers than sellers, pushing up the price for those seeking to own the token for sentimental or investment reasons.
Part of Coinbase’s upcoming NFT platform is aimed at making it easier for creators to sell their wares, and the exchange makes pitches directly to artists.
“Creating NFTs should be as easy as tapping a few buttons,” the company’s announcement said. “Anything more complex is an obstacle to creativity.”
“We will make it easier for artists to maintain creative control through decentralized contracts and metadata transparency,” Coinbase said, adding that “all NFTs are on-chain.”
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“The initial launch will support Ethereum-based ERC-721 and ERC-1155 standards and multi-chain support will be planned shortly thereafter,” explains Saxena. “We will provide the best user experience, but we will never lock down creators.”
The New York Post reported that Coinbase’s new venture poses a threat to OpenC, the largest existing market for NFTs and backed by billionaire Mark Cuban.