• NFTs could be “as big as or bigger” than all crypto on Coinbase, according to the CEO

  • As the Coinbase cryptocurrency exchange prepares to launch its own nonfungible token (NFT) platform, CEO Brian Armstrong has weighed in on the significance of the company’s upcoming NFT offering.

    Coinbase released its third-quarter financial results on Tuesday, reporting $1.2 billion in revenue, the majority of which comes from the platform’s transaction fees on trading cryptocurrencies such as Bitcoin (BTC) and Ether (ETH) (ETH). The company is the largest cryptocurrency exchange in the United States, and its COIN shares are publicly traded on the Nasdaq.

    Coinbase’s NFT offering would significantly boost the exchange’s operations, as the NFT platform has the potential to flip Coinbase’s entire cryptocurrency business. Armstrong made the remarks during a conference call on Tuesday, according to Bloomberg.

    “We are very excited about NFTs; this is going to be a very large area for crypto in the future, and it already is,” Coinbase CEO said, adding that it “could be as big as or bigger” than Coinbase’s cryptocurrency business.

    Coinbase has officially announced plans to launch its own NFT platform in mid-October, allowing users to create, buy, discover, and showcase Ethereum-based NFTs. The service will be similar to social media in that users will be able to follow different profiles and receive updates.

    As Coinbase prepares to launch its NFT platform later this year, a large number of people have already expressed an interest in trying it out. More than 1 million people signed up for Coinbase’s NFT waitlist just a few days after it launched in October.

    The number of applicants has continued to rise rapidly, with Coinbase reportedly receiving over 2.5 million emails requesting to join the marketplace. As of the second quarter of 2021, Coinbase had 68 million verified users and 8.8 million monthly active users.

    According to data from industry metrics provider DappRadar, OpenSea, the world’s largest NFT marketplace, processed over $1.7 billion in transactions over the last 30 days, with over 230,000 users interacting with its smart contracts.

    Coinbase is just one of many global crypto exchanges that are planning or have already launched their NFT platforms in the midst of the NFT industry’s meteoric rise. Sam Bankman-crypto Fried’s exchange FTX was the latest crypto platform to announce the launch 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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