Coinbase is stepping into the skyrocketing market of non-fungible tokens (NFT) and its recently introduced NFT platform is white-hot even before the launch as it counted more than one million signups on its waiting list on the first.
The world’s leading NASDAQ-listed cryptocurrency exchange Coinbase introduced its NFT platform, Coinbase NFT, on Tuesday, October 12th. With this, Coinbase also made the call to join the waitlist for early access to Coinbase NFT.
The call took the NFT fans by storm as a little later, the team reported difficulty managing the incoming traffic. Sanchan Saxena, Coinbase vice president of product, wrote on Twitter:
We just announced the upcoming launch of Coinbase NFT (https://t.co/U1ymWieRT3). We are getting a LOT of signups – so grateful for all your interest 🙏🙏.
We are seeing insane loads on our servers and our team is working hard to get this resolved. Check back soon! #Coinbase
— Sanchan S Saxena (@sanchans) October 12, 2021
“We just announced the upcoming launch of Coinbase NFT (http://coinbase.com/nft/announce). We are getting a LOT of signups – so grateful for all your interest.
We are seeing insane loads on our servers and our team is working hard to get this resolved. Check back soon!”
A Bloomberg report, citing a person familiar with the situation, says that there were more than one million signups on the Coinbase NFT waitlist on the first day it opened.
In the introductory blog post, Coinbase describes its NFT platform as:
“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.”
According to the team, the Coinbase NFT is built on top of a decentralized marketplace. All NFTs will be on-chain and the platform will initially support Ethereum based ERC-721 and ERC-1155 standards. Support for other chains is also planned soon after.
Coinbase move follows FTX cryptocurrency exchange project that, as Crypto Economy reported, has launched FTX NFTs, a centralized non-fungible token (NFT) marketplace. The marketplace is initially supporting trading for a range of Solana-based NFTs. The exchange has plans to add support for Ethereum-based NFTs in the coming weeks.
Coinbase NFT is launching in 2021 but the exact date for launch is yet to be announced by the team. The move by Coinbase is to diversify its revenue as, in August, the exchange reported a decrease in customer usage.
The company has been introducing new product offerings since its NASDAQ listing. But this is not a smooth ride as Coinbase was threatened with legal action from the US SEC over its LEND product. As a result, Coinbase canceled the launch of its Lend product.