Cryptocurrency exchange Coinbase is launching a peer-to-peer market for non-fungible tokens (NFTs). The Nasdaq-listed company says “Coinbase NFT” will make “minting, buying, displaying and discovering NFT easier than ever.” Additionally, Coinbase says, “We are going to grow the community of creators exponentially, a win for artists and fans.”
Coinbase NFT to help grow creator community ‘exponentially’
Coinbase, the Nasdaq-listed cryptocurrency exchange, announced Tuesday that it is launching a market for non-fungible tokens (NFTs). Sanchan Saxena, Vice President of Products at Coinbase, wrote:
Today, we announced Coinbase NFT, a peer-to-peer marketplace that will make minting, buying, displaying and discovering NFT easier than ever.
“Just as Coinbase helped millions of people access bitcoin for the first time in an easy and reliable way, we want to do the same with NFTs,” he added.
Coinbase further explained: “All NFTs are on chain. The initial release will support the Ethereum-based ERC-721 and ERC-1155 standards with multi-chain support planned shortly thereafter. We will provide the best user experience, but we will never lock down creators. ”Interested users can now sign up for early access.
Noting that “industries such as fashion, games, and music are recognizing the power of NFTs to unlock new forms of creativity and ownership,” noted the Coinbase VP, “if you’ve tried creating or buying an NFT, you’ve probably found that the user experience was poor. “
Coinbase aims to simplify the process, stating: “We are making NFTs more accessible by building user-friendly interfaces that put complexity behind the scenes. We are adding social features that open up new avenues for conversation and discovery. “The vice president emphasized:
We are going to grow the community of creators exponentially, a victory for artists and fans.
What do you think about Coinbase’s launch of an NFT market? Let us know in the comment section.
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