It looks like the leading US-based platform for buying and exchanging cryptocurrencies, Coinbase, will soon join the NFT craze. In a blog post dated October 12, 2021, Coinbase officially stated that it has plans to launch a peer-to-peer token exchange platform called Coinbase NFT. What Coinbase does and what exactly it plans to launch will be told in our post.
What are NFT tokens?
Surely you’ve already noticed that NFT tokens are taking the digital world by storm. So what are they really? NFT tokens are essentially crypto assets that, just like cryptocurrencies, can be bought, traded and sold on cryptocurrency exchanges. Like other assets, they are resistant to theft and impossible to copy. However, they differ in that they are unique. NFT tokens can therefore be compared to cryptographic “collector cards”. It is because of this feature that NFT tokens can be used to tokenize art or unique collections. It is also worth remembering that NFT tokens have a single owner and are secured by the Ethereum blockchain.
What will the new Coinbase platform look like?
Coinbase’s vice president of product and ecosystem, Sanchan Saxena, announced that the Coinbase NFT platform will allow users to buy, create, and showcase their digital collections in the form of NFT tokens. Saxena also declared that the Coinbase exchange will allow users to create a community to exchange comments and enable discussions among the creators of these non-exchangeable tokens. The first version of the platform is expected to support tokens based on the Ethereum chain in the ERC-721 and ERC-1155 standard. Coinbase NFT is expected to be a peer-to-peer marketplace that will enhance the creativity of artists, and it will have their best interests at heart. It will also allow creators to control and display their NFT tokens through decentralized contracts.
With this move, Coinbase joins the ranks of other cryptocurrency exchanges that already allow their users to mint and display NFT tokens. Coinbase is also challenging the leaders in this market, such as OpenSea, by making digital art accessible to everyone. It also looks like the trend for NFT tokens is still going strong all the time. Even artists have joined in, including the famous rapper Eminem.