Following in Binance and FTX footsteps, another leading crypto exchange, Coinbase, has announced its entrance into the NFT space and there are already over 1 million users who have signed up to use its platform, according to a Bloomberg report.
Per the report, “There were more than one million signups on the crypto exchange’s NFT waitlist on the first day it opened, a person familiar with the situation said late Wednesday. It wasn’t clear whether some of the signups were duplicates or spam, the person said. Coinbase unveiled plans to launch its marketplace on Tuesday, seeking to tap into one of the biggest trends in digital assets this year.”
Coinbase vice president of product Sanchan Saxena corroborated the report when he tweeted that, “We are getting a LOT of signups – so grateful for all your interest.” He added that “We are seeing insane loads on our servers and our team is working hard to get this resolved. Check back soon!”
The massive signups the exchange is seeing can be tied to the new craze for NFTs in the digital asset space. The exchange during its announcement had revealed that its platform was going to have a number of exciting features that would differentiate it from competitors.
As it stands, the aim of Coinbase NFT marketplace is to compete with existing players, such as Opensea and FTX’s Solana NFT marketplace. Data from Dapp Radar shows that the NFT marketplace saw a peak trading volume of $225 million on August 28. Interestingly, another data from Non-fungible also shows that NFTs sales surged across all platforms to around $268 million on the same day.