Coinbase is launching a peer-to-peer marketplace to “make minting, acquiring, displaying, and finding NFTs easier than ever before.”
The user experience while attempting to generate or acquire non-fungible tokens, according to the exchange, is now “lacking.”
Control over the creative process
The exchange went on to say that it is committed to preserving artists’ creative autonomy through decentralized contracts and information transparency. The Ethereum blockchain will initially accept the ERC-721 and ERC-1155 token specifications, with more chains coming later. However, this might indicate that the project is still in its early stages, with network congestion resulting in high minting fees.
Coinbase NFT comes as the publicly traded firm diversifies its operations and reduces its reliance on crypto trading transaction fees. It’ll be fascinating to watch if the exchange can grab market share from OpenSea, as well as the sorts of fees that artists could face.
According to Decrypt, users may now sign up for a waitlist to indicate their interest in utilizing the platform, which is expected to go live by the end of the year.