Crypto Exchange Coinbase Plans to Launch NFT Platform
Coinbase announced Tuesday (Oct.12) that it will soon create a marketplace for non-fungible tokens (NFTs), which will allow users to mint, collect, and trade the coins, according to a CNBC story. Users can sign up for a queue to get early access to the platform, according to a blog post from the company. The NFT market exceeded $10 billion in transaction volume in the third quarter of 2021, according to the study, which cites crypto-based data tracker DappRadar.
Coinbase’s venture into NFTs, according to CNBC, might help it generate new revenue sources, as it presently relies on exchange fees. After the Securities and Exchange Commission (SEC) threatened legal action, Coinbase halted its plans to launch a loan product tied to US digital currency stablecoins.