Coinbase‘s yet-to-be launched NFT marketplace is already gaining traction. It has been just a few days since the announcement and the company already has more than a million people signed up for the Coinbase NFT waitlist.
Coinbase announced that it was launching its NFT marketplace soon and it is expected to go live towards the end of this year. Subsequently, the company opened a waitlist for anyone who would want to access the NFT platform early, and now, more than a million people have already signed up for Coinbase’s NFT Marketplace waitlist. Coinbase Chief Executive Officer, Brian Armstrong, revealed this in a tweet where he said: “Over 1M people have signed up for Coinbase NFT since we launched yesterday.”
While the number is incredible, a Coinbase spokesperson said that it was unclear whether some of the signups were duplicates or spam. The “insane” amount of traffic for the Coinbase NFT waitlist, according to Sanchan Saxena —the Vice president of products at Coinbase, also caused the site to be put on hold temporarily. “Thanks for your patience everybody – for the last few hours, we have ramped up and scaled things for you to be able to sign up for the NFT marketplace,” he said.
Coinbase’s venture into the NFT sector comes after rival crypto exchange platforms like FTX and Binance both launched their own NFT market platforms. Binance NFT Marketplace, aimed at offering low transaction costs, took off in June this year. And last month, FTX and FTX.US launched NFT marketplaces with limited functionality, but later expanded to offer Solana based NFTs.
Coinbase’s NFT Marketplace is focused on Ethereum-based NFTs, and this puts it head-on with the biggest NFT platform, OpenSea. Data from DappRadar shows that OpenSea has a rolling 30-day average of 260,903 unique wallet addresses which have conducted a combined total of 2.49 million transactions over the past month. This means that Coinbase’s waitlist is larger than OpenSea’s active wallets. Coinbase also has about 68 million verified users and 8.8 million monthly active users as of Q2 2021. Considering these, Coinbase might just win the “battle”.
The Coinbase NFT Marketplace will initially be available to US customers over the age of 18, before rolling out to international markets in the future. In addition, the marketplace will include social features so as to attract creators to the platform.