Coinbase is readying the launch of an NFT marketplace that will compete with existing major players in the space, like OpenSea, debuting a user waitlist for the desktop product that it hopes to launch by the end of the year.
Coinbase has limited details to share on its upcoming platform, but notes in a blog post that they hope to more deeply integrate social features into the platform.
Even as Bitcoin inches closer to the all-time high it was flirting with when the Coinbase direct listing occurred, Coinbase’s stock has still failed to keep pace with the rebounding growth of some of the most popular coins in the space, now down some 27% since its direct listing in April. The exchange simultaneously has regulators breathing down their neck, with the SEC recently threatening to sue the company over their Lend yields product, of which they later canceled the launch. Coinbase is also dealing with a crowded competitive landscape stateside for buying and selling crypto as exchanges like Robinhood build out deeper support for crypto.
“Coinbase NFT will make minting, purchasing, showcasing, and discovering NFTs easier than ever. We’re making NFTs more accessible by building intuitive interfaces that put the complexity behind the scenes. We’re adding social features that open new avenues for conversation & discovery.”
CoinbaseCoinbase NFT could open up a major revenue source to the now-public company, assuming that NFTs continue to court investor interest from those looking for high-priced digital collectibles and art. After spiking earlier this year and again in August, the NFT market is showing more resiliency than many expected but is still seeing even much broader swings than already volatile cryptocurrency prices. OpenSea saw a record $3.4 billion in transaction volume in August.