Coinbase’s plan to launch an NFT marketplace recently sparked a global interest after CEO Brian Armstrong’s bold statement. The co-founder stated that Coinbase’s NFT marketplace could outperform its crypto business.
Brian released the statement during a conference call on 9th November. Coinbase, the US’s biggest digital asset exchange, released its Q3 revenue during the call. The platform reported a startling 1.3 billion dollars revenue in the latest quarter.
The figure, five times higher than 2020, was still below the market forecast. However, it is not the revenue that attracted the market’s attention. Instead, it was the CEO’s statement about its upcoming marketplace that sparked a major interest.
The exchange already showed its intent to release a customized NFT marketplace back in October. The upcoming platform would allow users to trade digital items like art and in-game items.
Coinbase’s initial plan is to launch the marketplace in the coming one or two quarters. Brian stated that the platform wants to offer a one-stop station where users can purchase, trade, and store digital assets.
Moreover, Coinbase wishes to deliver an Instagram-like experience than a marketplace like eBay. The exchange has already received over 2.5 million emails wanting to apply for the marketplace. Currently, OpenSea is the largest NFT marketplace on the web.
With 236,000 unique user addresses in the previous 20 days, OpenSea boasts a global reach. Even Coinbase is a known investor in the NFT marketplace. However, it seems the exchange wants to capitalize on the growing sector itself.
Besides the marketplace, Coinbase would also allow users to display NFTs on its official website. Moreover, others can also follow users’ profiles and receive updates regarding their posts. The features already sound unique for a marketplace and can render unprecedented results for Coinbase.