Coinbase has launched its Ethereum-based NFT exchange. Later this year, the platform will be live. The FTX exchange is pursuing similar ideas. The US. As a result, Coinbase has entered the NFT competition.
The American cryptocurrency exchange has launched the “Coinbase NFT” platform. Its users will be able to purchase and trade Ethereum-based digital collectibles. On Tuesday, the business revealed its intentions. According to CoinDesk insiders, the Coinbase NFT platform should be up and operating by the end of the year.
The decision comes only a day after competitor ftX exchange made a similar move. The United States has stated that it would create a market for Solana-based NFTs, with intentions to support other blockchains in the future, including Ethereum.
Media reports indicate that Coinbase’s initiative stresses that Ethereum is and should be the core technology for the NFT model instead of the more traditional FTX. In addition, the OpenSea platform, which handles the majority of transactions using Ethereum-based NFT, has emerged as the market’s focal point in recent months.
Coinbase NFT will make it simpler than ever to issue, acquire, display, and discover NFT. We make NFT more accessible by designing user-friendly interfaces.Coinbase says.
Many marketplaces are adopting the NFT model, which is growing in acceptance. It’s not only about the cryptocurrency world; it’s also about music, art, and sports. Bands like Behemoth, Kings of Leon, Megadeth, and vocalist Grimes, among others, have released tokens in their honour.