There have already been over 1 million sign-ups for Coinbase’s NFT platform since the waiting list went live on October 12th.
Coinbase opened the waiting list via a blog post announcing its upcoming NFT platform, which will be launched later this year. The platform, dubbed “Coinbase NFT”, will initially support the Ethereum-based ERC-721 and ERC-1155 token standards, with plans to expand support to other blockchains in the future.
At the time of writing, about 1.1 million people are waiting for early access to the NFT platform. Sanchan Saxena, VP of Product at Coinbase, tweeted that “crazy” traffic for the waiting list temporarily led to the site being downed.
Thanks everyone for your patience – over the past few hours, we’ve stepped up and scaled things up for you to be able to sign up for the NFT Marketplace.
See you there https://t.co/ysu6Eku84b! https://t.co/kOHbZaPr8P
—Sanchan S Saxena (@sanchans) 13 October 2021
If Coinbase’s user base is anything to go by — around 68 million verified users and 8.8 million monthly active users as of Q2 2021 — the NFT platform could soon provide some serious competition to giants like OpenSea. According to data from DappRadar, OpenSea has a rolling 30-day average of 260,000 active users who have made a total of 2.49 million transactions in the past month.
Coinbase’s nft waiting list is already bigger than OpenSea’s wallets.
— nati roth (@nathancroth) 13 October 2021
According to the fine print, the Coinbase NFT platform will initially be available to US customers over the age of 18 and will be introduced to international markets in the future.
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Coinbase’s plunge into the NFT arena comes after both crypto exchanges FTX and Binance launched their respective NFT marketplaces. Binance NFT opened its doors in June, aiming to provide lower transaction fees, while FTX and FTX.US launched NFT platforms with limited functionality last month.
Cointelegraph reported earlier this week that FTX.US’s NFT marketplace has expanded support for the Solana blockchain.
Calling all NFT artists! Show us what you’ve got in the answers and we’ll retweet some of our favorites. #portfolioday
— Coinbase NFT (@Coinbase_NFT) 12 October 2021