Coinbase surprised its competitors with its move in the NFT market. Working on a new platform, the company will enter the market by the end of the year.
Founded by Brian Armstrong and Fred Ehrsam in 2012, Coinbase is on the list of today’s popular cryptocurrency exchanges. In addition, the company announced that it will create its own NFT market. The platform, which is expected to be put into service by the end of the year, will work with the open market logic.
Some companies that dominate the market, such as OpenSea, Rarible, SuperRare, Foundation and KnownOrigin, as well as platforms such as Binance and FTX, have announced their entry into the industry with their own NFT markets. Seizing the opportunity he saw at Coinbase, he announced that he started working on his own systems.
Coinbase NFT will turn its platform into a social space
Coinbase has published a blog post about its new platform, whose planned release date is approaching. The company said that they want to integrate some things in social life more deeply into their systems and they are working on this. Then they shared their goals.
Coinbase NFT will make it easier to print, buy, discover, display NFTs. By getting rid of complex systems and designing intuitive interfaces, we make accessibility of all NFTs easier. We’re also adding new avenues for those who come to chat and explore
What is NFT and what standards will Coinbase NFT use?
The Non Fungible Token, or NFT for short, is a certificate that enables a digital asset to be unique, copyable and indivisible, and that these artifacts can be bought and sold on crypto blockchains. Blockchains like Ethereum, Flow, and Tezos have their own standards for supporting NFTs, but they all have the same purpose.
Today, we can see digital art, collectibles, games, songs, movies, fashion and even sports related things in NFT markets. Artists tokenize their artworks, musicians to sell their songs, and athletes tokenize their contracts so others can invest.
The company said it will offer multi-chain support for Coinbase NFT, but will initially launch on the Ethereum blockchain. The platform is not expected to integrate with the layer–2 scaling network. However, it is planned to support ERC-721 and ERC-1155 Ethereum standards.
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