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The new service will simplify the process of interaction with tokens for market participants

​Coinbase has announced the launching of the NFT marketplace

13.10.2021 - 13:55 Tatiana Darda Tatiana Darda

The new service will simplify the process of interaction with tokens for market participants.

What's new? The Coinbase cryptocurrency exchange has announced the launching of the marketplace of non-interchangeable tokens (NFT). According to Coinbase CEO Brian Armstrong, the new service will simplify the process of interacting with the NFT market for both creators and collectors.

Coinbase Blog

What do the representatives of the exchange say? In the company's blog, Sanchan Saxena, Coinbase Vice President of Product and Ecosystems, expresses his opinion on the prospects of the platform's activities:

“We’re making NFTs more accessible by building user-friendly interfaces that put the complexity behind the scenes. We’re adding social features that open new avenues for conversation and discovery. And we’re going to grow the creator community exponentially, a win for artists and for fans.”

Is competition possible? The Open Sea and Raible trading platforms are considered pioneers in the field of NFT trading. However, cryptocurrency exchanges Crypto.com, Binance, FTX and Coinbase are gradually occupying this new niche. Coinbase's work in the NFT industry may compete with OpenSea and Raible in the future. The reason is the exchange's popularity: it has 68 million verified users according to data for the second quarter of 2021.