LONDON, ENGLAND - MAY 30: In this photo illustration, a visual representation of Bitcoin cryptocurrency is pictured on May 30, 2021 in London, England. Bitcoin is a decentralised digital currency, which has been in use since 2009. (Photo illustration by Edward Smith/Getty Images)
Roommates, there have been so many changes with Cryptocurrency that I can hardly keep up. Thanks to Twitter, you can always see what the streets are talking about, and today all eyes are on Coinbase. The cryptocurrency exchange platform is trending after they announced they plan to expand NFTs (nonfungible tokens) with a new marketplace that will compete with other companies like OpenSea at the end of the year.
According to CNCB, Coinbase plans to launch a marketplace, Coinbase NFT, that lets users mint, collect and trade NFTs. What’s so exciting about Coinbase NFT is it could open up a significant revenue source to the now-public company, assuming that NFTs continue to court investor interest from those looking for high-priced digital collectibles and rare art.
Essentially with Coinbase’s new marketplace, it wouldn’t only be in direct competition with OpenSea, it will also compete with other crypto start-up companies Gemini and Binance. So many people have been trying to get their hands on tokens that the demand has increased this year. The NFT market has topped $10 billion in transaction volume in the third quarter of 2021 alone, according to data tracking on crypto-based applications company DappRadar.
Coinbase NFT will be a game-changer for content creators by including the “social features” application, which will assist people who make money posting videos and other content online. Coinbase isn’t the only cryptocurrency company making big moves. As we previously reported, AMC plans to accept different Cryptocurrency methods for payment by the end of the year.
Coinbase consumers will also have to wait the same amount of time for the marketplace to take effect. However, the company stated that users could sign up for the waitlist for early access to the feature.
Roomies, are yall excited about the marketplace?
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