The Coinbase NFT waitlist, a peer-to-peer marketplace for non-fungible tokens (NFTs), has already attracted over 1.4 million signups in less than 48 hours since the San Francisco-based crypto exchange announced the platform’s impending launch on Tuesday.
Coinbase NFT, which is expected to launch before the end of the year, will “make minting, purchasing, showcasing, and discovering NFTs easier than ever.”
“Just as Coinbase helped millions of people gain access to Bitcoin for the first time in a simple and trusted manner — we want to do the same for NFTs,” the company stated.
This year, Coinbase NFT Marketplace and Social Feed will be available. At the time of writing, the waitlist counter for Coinbase NFT had reached 1,427,450, and with this rate of signups, it could be well on its way to surpassing 2 million by the end of the day—provided technical issues don’t stymie the process.
Newcomers to Coinbase’s NFT platform are on a waiting list.
On Wednesday, Coinbase vice president of product Sanchan Saxena tweeted, “We are getting a LOT of signups – so grateful for all your interest.” “We are experiencing extremely high loads on our servers, and our team is working tirelessly to resolve this.” Please return soon!”
We just announced the upcoming launch of Coinbase NFT (https://t.co/U1ymWieRT3). We are getting a LOT of signups – so grateful for all your interest 🙏🙏.
We are seeing insane loads on our servers and our team is working hard to get this resolved. Check back soon! #Coinbase
— Sanchan S Saxena (@sanchans) October 12, 2021
Though there is little information about any fees the company may incur from the new business, these “insane” numbers could turn Coinbase into a hugely profitable new business.
Coinbase has entered the NFT race.
The current incumbents in the NFT market are OpenSea and Rarible. According to the latest report from blockchain analytics firm CoinGecko, the two were responsible for a combined $6.8 billion in trading volume in Q3 2021, with OpenSea accounting for more than 99 percent of that total.
According to DappRadar data, OpenSea has had a rolling 30-day average of 261,050 active users who have conducted a total of 2.49 million transactions worth $3.02 billion in the last month.
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These are undeniably impressive figures for the fledgling NFT industry. Nonetheless, the thriving DeFi sector dwarfs these figures, having recently surpassed $216 billion in total value locked. Things could change dramatically now that Coinbase has entered the scene with a user base of over 68 million.
Binance and FTX, two major players, have also joined Coinbase.