Coinbase Launching NFT marketplace
We keep on hearing a lot about NFT these days and it has certainly given a world of opportunities to art lovers and also for artists. Blockchain is known for transparency and secure ownership that means anything which is stored on the blockchain will be safe and only authorized people will be able to access it. NFT is a Non-Fungible Token which is a kind of town that we can't trade like other crypo coins and we also don't get order books here but there is quite a big audience who track NFTs.
Now things are getting even better as many crypto exchanges are making their entry into the NFT marketplace where Binance has been a leader. Now Binance, Wazirx, Crypto.com, etc which are leading exchnage are in crypto nft and now Coinbase is joining the trend of NFT. Its always a good move to enter into the segment when demand is growing and in its early phase. nFT was started with good growth in the last year 2020 but in 2021 we have seen it growing even more. Its expected that year 2022 will play an even important part in the growth of crypto.
Coinbase plans to open its own NFT marketplace, where people will be able to trade digital art and other items, in the next quarter or two. The company wants to offer a one-stop experience for users where they can make purchases and store their holdings on a platform that would provide a social media experience more similar to Instagram than a traditional marketplace such as EBay Inc.
Coinbase is a leading international crypto exchnage headquartered in the US and now its planning to enter the NFT. This is great and it will more motion to NFT lovers as users who use coinbase will be able to access NFT in the platform and the coin base user base is quite big. Coinbase platform is easy to use and I am sure that they will follow the same with their NFT marketplace where UI will be easy to use and also users will be able to buy or sell NFT with ease.
NFT is also expanding its reach in blockchain gaming and splinterlands is one of the biggest examples where cards are so expensive and recently there was news that one card was sold for $50k. This is a huge amount and selling one or this much is so good and clearly shows that art is out of its price valuation and it depends upon the person who is buying it. Its basically determined by the people who understand it much and also on the overall supply. If its limited in quantity then the value will be higher for sure and that's how this nFT market work on the price value determination.
Coinbase can also enhance the nft space with more innovation and million of users added to it which is a kind of value addition to crypto as well as the NFT segment. I am not good in NFT but I like how people are adopting it and now even exchanges are trying to grab the nft marketplace and userbase for more profitability.
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