Software

Coinbase Launches Its Own NFT Marketplace

Cryptocurrency exchange Coinbase has announced plans to launch a marketplace that will allow users to create, collect and trade NFT or non-fungible tokens. Interested users will be able to get early access to the site before its official launch.

Source: freepik.com

Source: freepik.com

NFT is a unique digital asset, a certificate of ownership of an object, for example, a file of value. Such assets are not fungible, that is, you cannot exchange one NFT for another, similar to it, as it would be with bitcoins or other cryptocurrencies. Sales of such tokens have skyrocketed this year. According to DappRadar, in the third quarter of 2021, the total volume of transactions in the NFT market exceeded $ 10 billion. Among the most notable sales is a digital collage made by artist Mike Winkelmann, also known under the pseudonym Beeple, which was sold for almost $ 70 million. and the first ever tweet to go for $ 2.9 million.

The new marketplace, dubbed Coinbase NFT, will receive some “social features” to deal with the so-called creator economy, a term used to refer to the industry in which people make money by posting texts, videos and other content online. NFT proponents believe that this technology allows for material compensation for artists and representatives of other creative professions, whose income has decreased since the development of social media. Critics, on the other hand, see NFT as a speculative bubble in the cryptocurrency market that will burst sooner or later.

For the Coinbase crypto exchange, entering the NFT market will in any case be another source of income. However, it will have to compete with major marketplaces like Gemini, Binance and OpenSea.

About the author

Robbie Elmers

Robbie Elmers is a staff writer for Tech News Space, covering software, applications and services.

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