US cryptocurrency heavyweight Coinbase has revealed its intentions to create its internal NFT marketplace. If all goes according to plan, users will be trading NFT on the platform by the end of the year.
According to DappRadar, the NFT marketplace soared to an incredible $10.7 billion in the third quarter of 2021. After seeing these eye-popping numbers, Coinbase apparently decided that it wanted a piece of this NFT pie. As a result, the trading giant is now developing its own NFT platform.
The first iteration will see an ethereum-based marketplace which will allow buying, selling and creating digital assets. However, Coinbase has promised to upgrade to cross-chain functionality shortly after launch. As of now, further details are sketchy at best, but the cryptocurrency giant has said it won’t charge more than the standard price of gasoline.
The move puts Coinbase in the footsteps of rival cryptocurrency trading platforms Binance and Crypto.com. As a result, the business could face stiff competition. And, that’s before you factor the mighty OpenSea into the equation. This company will prove difficult to upend from its lofty throne.
However, for the humble collector, an increased dose of healthy competition could prove beneficial. As a number of high-profile companies vie for the top spot, we could see platform fees drop across the board.