Since the spring, Coinbase has teased an NFT platform, but has provided little specifics. Coinbase NFT, a new service that claims to make it simple for customers to mint and buy NFTs, was launched on Tuesday.
There was no precise date given by the business for when the NFT service will be made accessible to clients on the waitlist, which stands for non-fungible token and refers to a unique digital asset registered to the blockchain. Coinbase NFT should be operational before the end of the year.
In addition, Coinbase describes its NFT platform as being built on top of a decentralized marketplace that would never tie you to a single vendor.
Coinbase announced on their blog:
Our mission at Coinbase is to increase economic freedom in the world. By enabling more people to join the creator economy and profit from their work, NFTs have an important role to play in this mission. Their impact is already being felt. NFT artists have shaken-up the traditional art world. Industries such as fashion, gaming, and music are recognizing the power of NFTs to unlock new forms of creativity and ownership. But if you’ve tried to create or purchase an NFT, you’ve probably found the user experience lacking. We can help.
Today, we’re announcing Coinbase NFT, a peer-to-peer marketplace that will make minting, purchasing, showcasing, and discovering NFTs easier than ever. Just as Coinbase helped millions of people access Bitcoin for the first time in an easy and trusted way — we want to do the same for the NFTs.
Coinbase Going After OpenSea?
It seems from this description that Coinbase is taking inspiration from OpenSea, the most popular NFT marketplace, which enables users to create their own NFTs, buy and trade them, and mint new ones. While Gemini’s Nifty Gateway offers a more tailored experience, it does not allow customers to transfer the NFTs they purchase outside of the site.
With a focus on allowing users to “own” their keys, Coinbase might be what some would consider an “OpenSea killer.” OpenSea has had a stranglehold on the NFT marketplace world and Coinbase has as good a shot at any platform in eating into that market share in the NFT world.