Coinbase’s cryptocurrency exchange, Coinbase, is about to launch its own NFT platform. CEO Brian Armstrong has evaluated the importance of this upcoming offering.
Coinbase announced its Q3 financial results on Tuesday. It reported $1.2 billion in revenue, mainly from transaction fees for trading cryptocurrencies such as Bitcoin (BTC), Ether (ETH) and Ether. With its COIN shares publically traded on Nasdaq, the firm is the most popular crypto exchange in America.
Coinbase’s NFT offer would greatly boost its operations. The NFT platform could possibly flip Coinbase’s entire cryptocurrency business. Bloomberg reported that Armstrong made the statement during a conference call on Tuesday.
“We are excited about NFTs,” Coinbase CEO stated. He added that this “could potentially be as big, or even bigger” than Coinbase’s cryptocurrency business.
Coinbase announced its plans to launch its own NFT platform, which will allow users to discover, create, buy, and showcase Ethereum-based NFTs. It will be a social media-like service that allows users to follow other profiles and receive updates.
Coinbase anticipates launching its NFT platform in the second half of this year. Many people have expressed interest to test it. More than 1,000,000 people have signed up for Coinbase’s NFT platform just days after it opened its waitlist in October.
Coinbase received 2.5 million emails from people wanting to join the marketplace, and this number continues to rise. This is only a small fraction of the total Coinbase users of 68 million and 8.8 millions monthly active users, as of Q2 2021.
OpenSea is the largest NFT marketplace worldwide, processing more than $1.7 billion in transactions in the last 30 days. Over 230,000 users interacted with its smart contracts during that period according to DappRadar data.
Related: Ripple CTO David Schwartz says that the NFT market will continue to grow over time.
Coinbase is one of many global cryptocurrency exchanges that have launched or are planning to launch their NFT platforms in the midst of the rapid growth of the NFT market. Sam Bankman-Fried’s crypto trading platform FTX was the latest to announce the launch a local NFT marketplace. Binance, the largest crypto exchange in the world, launched its NFT platform in June.
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