Coinbase Will Compete With OpenSea and Rarible on the NFT Market
Coinbase, a major cryptocurrency exchange, will launch its own NFT trading platform at the end of 2021.
In a blog post, Coinbase VP of Products and Ecosystem Sanchan Saxena stated that thanks to the new NFT platform, users will be able to mint, buy, open and demonstrate Ethereum-based tokens. In addition, authors will be able to control their work through decentralized contracts and metadata transparency with all NFTs in the chain.
As of Q2 2021, Coinbase had 68 million verified users and 8.8 million monthly active users. With such user activity, the future Coinbase NFT platform will be able to compete with OpenSea and Rarible.
According to DappRadar, the total transaction volume on OpenSea was $8.7 billion at the time of publication, making it the largest NFT marketplace. NFT sales through the Pokémon-inspired game Axie Infinity came in second with $2.5 billion.