By Sam Boughedda
Investing.com — Cryptocurrency exchange Coinbase Global (NASDAQ:) announced Tuesday it is planning to launch Coinbase NFT, a peer-to-peer marketplace for minting, purchasing, showcasing, and discovering NFTs.
Coinbase said its marketplace will make NFT’s (or non-fungible tokens) more accessible through its user-friendly interface that will also include social features.
The company’s shares are down almost 3% on Tuesday.
“Creating an NFT should be as simple as tapping a few buttons. Anything more complicated is a barrier to creativity. Coinbase NFT will be a peer-to-peer marketplace that empowers the imagination,” the company said in a statement.
The company will initially launch the platform with based ERC-721 and ERC-1155 standards with a plan for multi-chain support not long after.
Sales of NFTs have surged this year, with NFT trading volume climbing to $10.67 billion in the third quarter of this year, a 704% increase from the second quarter, according to DappRadar. Ethereum accounted for 77.73% of the volume. Additionally, the blockchain industry as a whole grew 25% quarter-over-quarter.
Other exchanges such as Binance already have NFT marketplaces, and the Coinbase NFT platform would help the company diversify its revenue and help ease the reliance on its exchange fees.
“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.”