The non-fungible token (NFT) arms race has a new player, Coinbase.
On Tuesday, the U.S. crypto exchange is releasing “Coinbase NFT,” a marketplace enabling those that use it to buy and sell ETH-based digital tokens. Coinbase’s NFT system is anticipated to release by year’s end.
The change comes a day after competitor exchange FTX.US introduced a marketplace for SOL-based NFTs, with intentions to support various other blockchains, like Ethereum, in the future.
Suppose FTX’s bet on Solana is a signal that blockchains are positioned to take a piece of Etheruem’s grasp on the NFT business. In that case, Coinbase is conveying a different message that Ethereum’s NFT prominence has room to expand.
Coinbase’s item will take a direct punch at giant marketplace OpenSea, which is presently domain to most ETH-based NFT trading.
OpenSea has seen exceptional use during the NFT market’s run in the past four months, finishing around 80,000 daily transactions at its height. For some people, however, the experience of navigating a browser-based crypto wallet continues to be a challenge.
“If you’ve tried to make or purchase an NFT, you’ve probably found the user experience lacking,” said a blog post by Coinbase. “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.”
Wilson is a successful crypto analyst and content writer with many years of writing experience in finance and blockchain fields. His interests are in crypto-asset research and technical analysis, Fintech, Blockchain, DeFi, NFTs, and Personal Finance.