Coinbase Takes Giant Leap Into Nascent Crypto Space With Announcement of New NFT Marketplace

Coinbase, the biggest crypto exchange in the US, says it is launching a non-fungible token (NFT) marketplace.

In a new blog post, the digital asset exchange announces the creation of Coinbase NFT, a platform that aims to allow users to easily buy and sell NFTs .

VP of product and ecosystem Sanchan Saxena explains that while NFTs have risen to prominence, the space is often less than user-friendly.

“If you’ve tried to create or purchase an NFT, you’ve probably found the user experience lacking. Creating an NFT should be as simple as tapping a few buttons. Anything more complicated is a barrier to creativity.”

The new peer-to-peer marketplace will enable users to mint, buy and showcase digital works of art in a secure and user-friendly manner. Emphasis will be given to discovery and discussion.

“Just as Coinbase helped millions of people access Bitcoin [BTC] for the first time in an easy and trusted way – we want to do the same for the NFTs.”

The overall NFT market has seen an explosion in activity, rising to $2.5 billion in sales in the first half of 2021 compared to $13.7 million in the first two quarters of 2020.

This past August there was over $4 billion in volume across the top marketplaces.

As Coinbase notes,

“The rise of NFT art has been made possible by provable ownership recorded via tokens on blockchains like Ethereum [ETH]. NFT art has attracted artists from all over the world, leading to an explosion in the variety of art work available.

Pieces with cultural significance within the crypto community tend to fetch higher price tags, but we’re already seeing crypto and mainstream culture merge, led by various [social media and celebrity] influencers.”

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