Coinbase NFT Marketplace to Launch With ERC721 and ERC1155 Support, Will Go Multi-Chain After

Coinbase wants to expand NFTs user base just like it did with Bitcoin by making it “more accessible” and putting the complexity behind the scenes.

After Binance and FTX, cryptocurrency exchange Coinbase has also jumped the hottest trend of the year NFTs by announcing the launch of its own NFT marketplace.

Coinbase NFT is a new peer-to-peer marketplace where users will be able to create, buy, sell, and share NFTs.

On Tuesday, Coinbase said the user experience of creating or purchasing non-fungible tokens has been lacking,” which it aims to make easier and make NFTs “more accessible” as well by putting the complexity behind the scenes.

“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,” said the publicly-listed company.

Through this NFT platform, Coinbase will allow people to create NFTs “effortlessly” and control them through decentralized contracts and metadata transparency. The company is also adding social features that it says will open new avenues for conversation and discovery.

Initially, the marketplace will support only Ethereum based ERC-721 and ERC-1155 standards, with multi-chain support to be launched soon after.

This launch would put Coinbase in competition with the most popular NFT marketplace, OpenSea, which recently faced accusations of NFT insider trading. Interestingly, Kati Haun, a general partner at VC giant Andreessen Horowitz (a16z) who sits on OpenSea’s board, is also a board member at Coinbase.

OpenSea boasted of a record over 280,000 active monthly traders in September and saw $3.42 billion in all-time high monthly volume in August, according to Dune Analytics.

Overall, the NFT market surpassed $10 billion in transaction volume in the third quarter of 2021, as per DappRadar.

“I imagine this will have fiat on-ramp & support custodial wallets for new users, while allowing more seasoned users to self-custody or withdraw if they can do these things with an open ecosystem (vs. closed like NiftyGateway), then this is a game-changer for mainstreaming NFTs,” commented crypto and NFT investor that goes by DCinvestor.

Users can start signing up to the waitlist for early access to the marketplace, which the company hopes to launch by the end of the year.