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Coinbase taking on OpenSea with NFT Platform Launch

Matthew Fleischman
Coinbase

Major player in the Crypto exchange market, Coinbase, is taking aim at OpenSea with the launch of its own NFT platform later this year.

Crypto exchange company Coinbase announced plans to offer more for its customers with the inclusion of a new marketplace.  

In the announcement made earlier this week, Coinbase plans to make NFTs available on its already existing platform.  The move is a plan to further expand the “creator economy”, according to a blogpost from the company. 

Coinbase NFT platform 

According to Coinbase, when the NFT platform launches later this year, it plans to offer users all the experience they are accustomed to. Users will be able to mint, showcase, buy, sell and trade NFTs on the new platform. The company says they hope to make this process even easier to allow more people to get into one of the fastest growing fields on the internet.  

“Just as Coinbase helped millions of people access bitcoin for the first time in an easy and trusted way — we want to do the same for the NFTs,” Coinbase vice president of product Sanchan Saxena 

According to reports, sales volume for NFTs grew to above $2.5 billion in the first half of this year. Coinbase, so it seems, wants to get more people in on the NFT fun. As one of the largest crypto marketplaces already, they hope their new platform will make NFTs more accessible to more people.  

“The excitement surrounding NFTs is high… But if you’ve tried to create or purchase an NFT, you’ve probably found the user experience lacking. … Creating an NFT should be as simple as tapping a few buttons. Anything more complicated is a barrier to unleashing your creativity.” – Coinbase in a statement

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When the platform launches later this year, Coinbase NFT hopes to support both Ethereum’s ERC-721 and ERC-1155 NFT standards. It seems the company also hopes to have support for multi-chain movement soon after launch. One drawback though seems to be that Coinbase is not integrating with any Layer-2 scaling networks at launch. What this means for its users is they might have to pay high service fees, and issues with scalability.

Coinbase NFT Competition

Coinbase is not the first crypto exchange opening their own NFT marketplace recently.  Binance opened their NFT markets earlier this year, and others are sure to follow soon.  The biggest competitor though is the behemoth NFT Marketplace OpenSea.  

OpenSea, one of the most dominant players in the NFT space, saw an amazing $3.4 Billion in transactions just in August.  Along with their recent support for much lower-priced translation, it seems OpenSea is not going to just give this fight to Coinbase.  But that is not saying Coinbase doesn’t have a chance to win some ground.

Among its plans, it seems that Coinbase plans to not only have a space for buying and selling NFTs.  Coinbase also looks to create a social space around NFTs. With NFT showcasings, intuitive interfaces, and areas for discovery and conversation, Coinbase looks to grow past just an NFT platform.  With other social media platforms getting into the NFT space as well, this very well could be a perfect spot in the market coinbase is cutting into.

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For those interested in join, Coinbase has a waitlist to sign up when the site launches.

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