Over the last 30 days, ten times as many users have joined up for Coinbase’s new NFT platform than for OpenSea.
Coinbase’s CEO, Brian Armstrong, has appraised the value of its future nonfungible token (NFT) offering as the company prepares to launch its own NFT platform.
Coinbase announced its third-quarter financial results on Tuesday, reporting $1.2 billion in income, the majority of which comes from transaction fees on trading cryptocurrencies like Bitcoin (BTC) and Ether (ETH). The company is the largest cryptocurrency exchange in the United States, and its stock is listed on Nasdaq.
Coinbase’s NFT service will dramatically enhance the exchange’s operations since the NFT platform can flip Coinbase’s whole cryptocurrency business. According to Bloomberg, Armstrong commented on a conference call on Tuesday.
“We are very excited about NFTs, this is going to be a very large area for crypto in the future, and it already is today,” the Coinbase CEO said, adding that it “could be as big or bigger” than Coinbase’s cryptocurrency business.
Coinbase stated in mid-October that it would develop its own NFT platform, allowing users to build, acquire, find, and exhibit Ethereum-based NFTs. Users will follow different accounts and get updates, similar to how they would on social media.
Coinbase’s NFT platform is expected to arrive later this year, and a large number of users have already indicated an interest in trying it out. More than 1 million individuals have signed up for Coinbase’s NFT waitlist just a few days after it launched in October.
The number of applications has continued to rise quickly, with Coinbase reporting that it has received over 2.5 million emails from people wanting to join the marketplace. As of Q2 2021, Coinbase has 68 million verified users and 8.8 million monthly active users, a small fraction of its entire user base.
According to statistics from industry analytics source DappRadar, OpenSea, the world’s largest NFT marketplace, handled over $1.7 billion in transactions in the last 30 days, with over 230,000 users interacting with its smart contracts.
Coinbase is only one of several worldwide crypto exchanges planning or launching NFT platforms in the wake of the NFT industry’s meteoric rise. Sam Bankman-crypto Fried’s exchange FTX was the latest to announce the establishment of a native NFT marketplace in September. In June, Binance, the world’s largest cryptocurrency exchange, launched its own NFT platform.