Coinbase NFT marketplace owns dominance with 1M sign ups in a day

By Palak Malhotra
Published October 14, 2021 Updated October 14, 2021
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Coinbase NFT marketplace owns dominance with 1M sign ups in a day

By Palak Malhotra
Published October 14, 2021 Updated October 14, 2021

Coinbase CEO, Brian Armstrong revealed on Twitter today that Coinbase’s exclusive NFT marketplace has had 1 million sign-ups since yesterday and the platform further continues counting. Earlier this week, Coinbase Global Inc. launched its Non-Fungible Token (NFT) marketplace for digital artists and creators.

Coinbase to use ERC-721 & ERC-1155 for improved user experience

This crypto exchange giant’s announcement is speculated to be the beginning of the NFT evolution as Coinbase followed the footsteps of its competitors, Binance and FTX Derivatives exchange. The exchange said the platform will facilitate the buying and selling of digital artworks that are resident on the blockchain in a decentralized manner. Furthermore, Coinbase assured an improved user experience as its NFT marketplace incorporates manifold social features supporting the same, along with ERC-721, and ERC-1155 standards facilitating multi-chain support.

“We’re making NFTs more accessible by building user-friendly interfaces that put the complexity behind the scenes. We’re adding social features that open new avenues for conversation and discovery…The initial launch will support Ethereum based ERC-721 and ERC-1155 standards with multi-chain support planned soon after. We’ll provide the best user experience, but we’ll never lock creators in.”, said Sanchan Saxena, VP of Product, Ecosystem.

Coinbase Creator-Friendly NFT marketplace

Coinbase guaranteed an enhanced marketplace that will focus on user experience by improving accessibility, it also emphasized an artist-friendly marketplace. Coinbase explained that user satisfaction is the key to selling more NFTs, but the key to creating better and improved tokens is through a marketplace that is easily approachable to creators as well. The exchange reinstated that along with improving user experience, it will also prioritize the needs of its artists and creators.

“Creating an NFT should be as simple as tapping a few buttons. Anything more complicated is a barrier to creativity. Coinbase NFT will be a peer-to-peer marketplace that empowers the imagination. With an intuitive design built on top of a decentralized marketplace, Coinbase NFT puts the art and artist’s experience at the forefront,” stated Saxena.

 

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Disclaimer
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
About Author
Palak Malhotra
408 Articles
Journalism & Mass Comm. ‘21 graduate, Palak is a GenZ journalist with background in Lifestyle journalism & PR. At CoinGape, Palak is a junior crypto journalist preparing for Web 3.0

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