TL;DR Breakdown
- Coinbase announced that it is entering the NFT space with the release of its own marketplace.
- The new Coinbase NFT marketplace will require no KYC for users to mint and sell their NFTs.
The biggest crypto exchange in all of the United States has just made a massive announcement. Coinbase is ready to participate in the Non-Fungible Token (NFT) boom that we are experiencing through the Coinbase NFT, a new NFT marketplace for enthusiasts.
According to this latest statement for the crypto exchange, any user will be able to “create, buy, sell and share NFTs” using the Coinbase NFT marketplace. It is an excellent opportunity for those still waiting for the perfect time to enter the NFT market.
The marketplace will come by the end of this year, but we can expect sooner arrivals too. However, the officials further stated that users could join a waiting list to start minting NFTs and put them on sale.
Coinbase NFT already have “a LOT of signups”
According to the official statistics noted by Vice President of Product, Sanchan S Saxena, the Coinbase NFT is already getting many signups while it hasn’t even launched yet.
The Vice President of Product further noted,
“We see insane loads on our servers, and our team is working hard to get this resolved. Check back soon!”
No KYC required
According to the details mentioned in the statement, no KYC is needed for the users as the NFTs they sell, or mint will be under their custody in their wallets. This makes the entire process quite simple and hassle-free.
Coinbase NFT marketplace will first be integrating the Ethereum Network, later expanding the marketplace.
“The initial launch will support Ethereum based ERC-721, and ERC-1155 standards with multi-chain support planned soon after.”
However, it was also noted that the investors and general public did not receive this news optimistically as the stock of Coinbase fell by 3%. While Bitcoin was trading above the 50k price level, Coinbase stock dropped below the $250 mark.
While the Q3 earnings will be released by November 9, it is expected that the Coinbase NFT will release the profits in Q4, 2021.
