Coinbase Sees 1.4 Million Signups for New NFT Platform
The waitlist for Coinbase NFT, a peer-to-peer marketplace for non-fungible tokens (NFTs), has already seen over 1.4 million signups, and that’s in less than 48 hours since the San Francisco-based crypto exchange announce...
Archive context
Older archive item. Useful for background and entity history, but not a fresh market-moving signal.
The waitlist for Coinbase NFT, a peer-to-peer marketplace for non-fungible tokens (NFTs), has already seen over 1.4 million signups, and that’s in less than 48 hours since the San Francisco-based crypto exchange announced the imminent launch of the platform on Tuesday.
Slated to open before the end of the year, Coinbase NFT, according to the original announcement, “will make minting, purchasing, showcasing, and discovering NFTs easier than ever.”
“Just as Coinbase helped millions of people access Bitcoin for the first time in an easy and trusted way — we want to do the same for the NFTs,” the company said.
Coinbase NFT Marketplace and Social Feed Coming This YearAt press time, the waitlist counter for Coinbase NFT has reached 1,427,450 and with such a ratio of signups could be well on its way to surpass 2 million by the end of the day—provided technical issues don’t slow the process down.
Waiting list of newcomers to Coinbase’s NFT platform. Source: Coinbase“We are getting a LOT of signups - so grateful for all your interest,” Coinbase vice president of product Sanchan Saxena wrote on Twitter on Wednesday. “We are seeing insane loads on our servers and our team is working hard to get this resolved. Check back soon!”
We just announced the upcoming launch of Coinbase NFT (https://t.co/U1ymWieRT3). We are getting a LOT of signups - so grateful for all your interest .
We are seeing insane loads on our servers and our team is working hard to get this resolved. Check back soon! #Coinbase
— Sanchan S Saxena (@sanchans) October 12, 2021
Though there is little info regarding any fees the company may accrue from the new business, these “insane” numbers could turn into a hugely profitable new business for Coinbase.
Coinbase enters NFT raceOpenSea and Rarible are the NFT market’s current incumbents. The two were responsible for a combined $6.8 billion in trading volume in Q3 2021, with OpenSea contributing more than 99% to that figure, according to the latest report from blockchain analytics firm CoinGecko.
Data from DappRadar shows that over the past month, OpenSea has had a rolling 30-day average of 261,050 active users who have conducted a total of 2.49 million transactions worth $3.02 billion.
FTX US Aims to Take On OpenSea—First With Solana NFTs, Ethereum Only 'Weeks Away'These are undoubtedly impressive numbers for the nascent NFT industry. Still, the booming DeFi sector dwarfs these figures, recently passing $216 billion in total value locked. With Coinbase and its user base of more than 68 million entering the scene, things could change dramatically.
I bought my first Bitcoin on Coinbase in 2013. Many will buy their first NFT on it too.
— medved (@mattmedved) October 13, 2021
Coinbase is also joined by major players Binance and FTX.
Why this matters
This nft story adds another data point to the current market tape and is useful when read alongside nearby source coverage.
Original source
Read on DecryptRelated market context
RWA Inc’s Kevin Yunai Says Platforms Must Build Liquidity to Unlock $320 Billion RWA Market
Real-world asset tokenization has moved beyond the question of whether assets can be brought onchain. According to RWA Inc founder...
Sports NFT platforms watch as Valverde’s World Cup drama fuels digital collectible trading interest
Valverde's World Cup drama highlights the potential for sports NFTs to capture niche interest, yet broader market impact remains l...
Solana Hits Record $3.4 Billion in Real-World Asset (RWA) Expansion
Crypto markets have had plenty to digest today, and this development adds another layer to the picture. Solana Hits Record $3.4 Bi...
Reported Riot 500 BTC custody transfer exposes Bitcoin miners’ AI funding pressure
Riot Platforms' reported 500 BTC movement to NYDIG Custody gives the market a live signal for how public miners may use coin treas...
Cape Verde’s World Cup heroics steal the spotlight from Taylor Swift’s wedding, and crypto sports betting platforms noticed
Cape Verde's World Cup near-upset highlights the power of underdog narratives, boosting crypto sports betting engagement and fan t...
Investors lose $4B on Trump crypto coin as insiders pocket billions
The $TRUMP coin debacle highlights the urgent need for stricter regulations on politically-linked cryptocurrencies to protect reta...