Coinbase's upcoming NFT marketplace

The Coinbase NFT team has already met with over a hundred creators and continues the work on their product, the company announced on Twitter.

A stock image of girl looking at the art in the gallery.

Coinbase revealed its plans to launch an NFT marketplace in October 2021, and so far over 2.5 million people have already joined the waitlist. The platform promises a community-centered approach, introducing a personalized feed designed for exploring and engaging with like-minded fans and artists. The marketplace will support Ethereum based ERC-721 and ERC-1155 standards, and plans to add multiple chains over time.

Read also: Coinbase used company’s cash to trade cryptocurrencies: WSJ

It seems like an appropriate moment for Coinbase to enter the NFT industry, since the dominance of OpenSea is slowly waning. According to DappRadar, over the last 30 days OpenSea dropped 15% in user count and transactions. The transaction volume dropped 47%, signaling that the NFT giant is ready to make way for competing platforms.