Over the past 30 days, ten times as many people have signed up for Coinbase's upcoming NFT platform as have signed up for OpenSea. As cryptocurrency exchange Coinbase prepares to launch its own nonfungible token (NFT) platform, its CEO, Brian Armstrong, has assessed the importance of the company's upcoming NFT offering.
Coinbase announced its third-quarter financial results on Tuesday, reporting $1.2 billion in income, the majority of which comes from transaction fees on trading cryptocurrencies like Bitcoin (BTC) and Ether (ETH) (ETH). The company is the largest cryptocurrency exchange in the United States, and its stock is listed on Nasdaq.
Coinbase's NFT service will enhance the exchange's operations dramatically, since the NFT platform has the ability to flip Coinbase's whole cryptocurrency business. According to Bloomberg, Armstrong made the comment on a conference call on Tuesday.
"We're extremely enthusiastic about NFTs; this is going to be a very huge area for crypto in the future, and it already is," the Coinbase CEO said, adding that it "may be as big as or greater" than the company's cryptocurrency business.
Coinbase stated in mid-October that it will develop its own NFT platform, allowing users to build, acquire, find, and exhibit Ethereum-based NFTs. Users will be able to follow different accounts and get updates, similar to how they would on social media.
Coinbase's NFT platform is expected to arrive later this year, and a large number of users have already indicated interest in trying it out. More than 1 million individuals have signed up for Coinbase's NFT waitlist just a few days after it launched in October.
The number of applications has continued to rise quickly, with Coinbase reporting that it has received over 2.5 million emails from people wanting to join the marketplace. As of Q2 2021, Coinbase has 68 million verified users and 8.8 million monthly active users, which is a small fraction of its entire user base.
According to statistics from industry analytics source DappRadar, OpenSea, the world's largest NFT marketplace, handled over $1.7 billion in transactions in the last 30 days, with over 230,000 users interacting with its smart contracts.
Coinbase is only one of several worldwide crypto exchanges planning or launching NFT platforms in the wake of the NFT industry's meteoric rise. Sam Bankman-crypto Fried's exchange FTX was the latest to announce the establishment of a native NFT marketplace in September. In June, Binance, the world's largest cryptocurrency exchange, launched its own NFT platform.
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