Crypto Exchange Blockchain.Com Entering NFT Marketplace
Today’s crypto exchanges aren’t content with simply profiting on Bitcoin and altcoin trading. They are focusing their efforts on trading NFTs. Today, Blockchain.com, CEO Peter Smith’s wallet and trading site, promised a marketplace for buying, selling, and holding Ethereum-based NFTs. The functionality will be ready in a few weeks, according to the business, and it is currently accepting waitlist signups.
“We want to make accessing the NFT market as straightforward as accessing the bitcoin market,” according to a news statement. “With the Blockchain.com NFT marketplace (in beta), you’ll be able to browse, purchase, sell, and securely store NFTs without ever leaving your Blockchain.com Wallet.” (The wallet is non-custodial, which means NFTs can be moved to other wallets.)
Smart contracts on a blockchain, such as Ethereum, Flow, or Solana, are used to create NFTs, or digital proofs of ownership. They’re most often tied to digital art, collectibles, and music files, but they can also be linked to physical objects.
Blockchain.com has a big potential user base to tap into with its NFT marketplace. It began as a block explorer and one of the first Bitcoin wallets in 2011, allowing users to safely store their cryptocurrency keys. It possesses more than 80 million wallets (though not all have funds in them). In mid-November, MetaMask’s parent company, ConsenSys, announced that the most popular wallet (MetaMask) for accessing Ethereum-based applications has surpassed 21 million monthly active users (which also provides funding for Decrypt).
If even a small percentage of wallet owners convert to NFT customers, Blockchain.com will be successful. Coinbase NFT will be accessible before the end of the year. Yesterday, FTX NFTs, the FTX US marketplace, added Ethereum collectibles such as the popular CryptoPunks and Bored Ape Yacht Club NFTs to its existing support for Solana tokens.
However, simply building something does not guarantee that it will be used. In 2019, Gemini, the exchange founded by Cameron and Tyler Winklevoss, bought Nifty Gateway, more than a year before digital collectibles became hot again. Following a robust start in early 2021, transaction volume and mintings have decreased as other companies enter the market to compete with OpenSea, Rarible, and others.
You can sign up for the Waitlist Today….
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