NEW YORK - Coinbase Global Inc. is on a mission to make it a breeze to create, buy, advertise and learn about nonfungible tokens – and the company aims to do so by starting a new NFT marketplace by the end of the year.
The cryptocurrency exchange announced Tuesday that it will be rolling out "Coinbase NFT," which it says will be a "peer-to-peer marketplace that will make minting, purchasing, showcasing, and discovering NFTs easier than ever."
The blog post by Coinbase vice president of product Sanchan Saxena reads, "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."
NFTs are unique digital tokens that are secured using the same technology behind cryptocurrencies, and the intangible assets have gained in popularity over the past year. They can be works of art, videos, photographs or even memes. But there are far more buyers, so far, than sellers, driving up the price for those seeking to own the tokens either for sentimental or investment reasons.
Coinbase logo displayed on a phone screen and representation of cryptocurrencies are seen in this illustration photo taken in Krakow, Poland on September 28, 2021.
Part of Coinbase's forthcoming NFT platform is aimed at making it easier for creators to sell their wares, and the exchange makes a direct pitch to artists.
"Creating an NFT should be as simple as tapping a few buttons," the company's announcement states. "Anything more complicated is a barrier to creativity."
"We will make it effortless for artists to maintain creative control through decentralized contracts and metadata transparency," Coinbase vows, saying that "all NFTs are on-chain."
"The initial launch will support Ethereum based ERC-721 and ERC-1155 standards with multi-chain support planned soon after," Saxena explains. "We’ll provide the best user experience, but we’ll never lock creators in."
The New York Post pointed out that Coinbase's new venture presents a threat to OpenSea, the largest current marketplace for NFTs and backed by billionaire Mark Cuban.