Coinbase to Launch a Marketplace for NFTs

Nonfungible tokens, otherwise known as NFTS, are gaining more popularity, enough so that Coinbase wants to launch a marketplace for them.

The company has opened a waitlist for a marketplace that lets users mint, collect and trade nonfungible tokens.

Sales volume for NFTS topped $10 billion in the third quarter, according to DappRadar.

The cryptocurrency exchange said that it plans to launch a marketplace that lets users mint, collect and trade NFTs, or nonfungible tokens and users can sign up to a waitlist for early access to the feature.

Coinbase said its NFT marketplace, called Coinbase NFT, would include “social features” and would also tap into the so-called creator economy. This is the world of people who make money posting videos and other content online.

The new offering is being spearheaded by Coinbase’s VP of Product, Sanchan Saxena.

To start it will support Ethereum-based NFTs, but it has plans to expand to other chains after it launches.

“Our ambition with Coinbase NFT is to allow everyone to benefit from their creative spark; to contribute to a future where the ‘creator economy’ isn’t a small subset of the ‘real’ economy, but a central driver,” Coinbase said in marketing materials.

According to a spokeswoman, the platform will utilize self-custody wallets, and as a result will not require users to go through KYC checks with the exchange in the same way that its brokerage clients need to in order to trade crypto.

Coinbase did not disclose fees, but plans to share those details closer to the official launch of the platform.

Disclaimer: We have no position in any of the companies mentioned and have not been compensated for this article.