In a blog post, Coinbase vice president of product and ecosystem Sanchan Saxena noted that Coinbase NFT marketplace would allow their 68 million verified users to mint, purchase, showcase, and discover NFTs, which are Ethereum-based tokens.
According to Saxena, the NFT marketplace will let creators control their artwork via decentralized contracts and metadata transparency, with all NFTs on-chain.
In addition, he states that they are making NFTs more accessible by building user-friendly interfaces that make it easy for users. On top of that Saxena also mentioned that they are opening the social features that open new avenues for conversation and discovery. And they are going to grow the creator community, so it's a win for artists and for fans.
Going further, he also mentioned that Coinbase NFT will be a peer-to-peer (P2P) marketplace that empowers the imagination. Even more, the vice president of product and ecosystem added that Coinbase NFT puts the art and artist’s experience at the forefront with an intuitive design built on top of a decentralized marketplace.
This announcement makes Coinbase one of the major crypto exchanges to get into the NFT craze. Recently, FTX introduced an NFT marketplace where users trade NFTs cross-chain via the Ethereum and Solana blockchains.
In June, Binance, the world’s largest crypto exchange by trading volume, launched its NFT marketplace to minimizing transaction costs.