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.
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.