In Brief:
- Over 1 million people signed ups for the upcoming Coinbase NFT platform.
- The NFT platform will at first be accessible to U.S customers beyond 18 years old.
- The platform will support Ethereum based NFTs
Coinbase CEO Brian Armstrong tweeted that coinbase received over 1 million signed up onto the waiting list for its upcoming NFT marketplace. In a recent blog post Coinbase noted that the initial launch will support Ethereum based ERC-721 and ERC-1155 standard with multi-chain support to be add soon after.
“We are getting a LOT of signups- so grateful for all your interest,” Coinbase vice president of product Sanchan Saxena wrote on Twitter. “We are seeing insane loads on our servers and our team is working hard to get this resolved. Check back Soon !”
The news followed after the coinbase announced that it will launch the NFT marketplace later this year. Coinbase joins Twitter Inc. and FTX in delving into NFTs, or digital collectibles, which have boomed in popularity this year.
The NFT platform will at first be accessible to U.S customers beyond 18 years old. It will also be carried out to the international market later on. NFTs are the “next frontier” for Coinbase and could become a lucrative business for the exchange next year, according to Bloomberg Intelligence Julie Chariell.
“Fees are more likely to mirror retail than institutional crypto-trading commission. NFT trading at our 3% fee estimate would bring much more revenue per trading dollar, along with less volatility to Coinbase operations than the crypto trading platform.”
Last month FTX.US launched the NFT minting platform on its U.S version. FTX CEO Sam Bankman-Fried NFT creators and owners can trade their NFTs cross-chain using Ethereum and Solana.
