Major crypto exchange Coinbase has unveiled plans to join in on the NFT hype by planning to launch its marketplace by year-end.
Announcing its plans via a blog post on Tuesday, Coinbase Pro has called on users to join its waiting list for early access to mint, purchase, showcase, and discover NFTs on the new platform.
Currently, the marketplace will offer Ethereum-based ERC-721 and ERC-1155 standard NFTs before adding other blockchains in the future as well.
Coinbase NFT will also be self-custody, allowing users to manage their NFTs in their wallets, therefore requiring no KYC procedure. As per the announcement, it will add ‘social features’ to instigate conversations and target the ‘creator community’.
At the moment, the Nasdaq-listed exchange has not disclosed many details including the usage fees but has said that it will disclose details as it approaches the launch.
As part of its new initiative, Coinbase will join the likes of Binance, Gemini, FTX, and OpenSea that offer their own NFT marketplace.
NFTs registered $10.7 billion in trading volume in Q3 out of which OpenSea recorded a massive volume of $3.4 billion in August alone, followed by Super Rare and Foundation.