US crypto heavyweight, Coinbase, has revealed intentions to build its own in-house NFT marketplace. If everything goes to plan, users will be trading NFTs on the platform by the end of the year.
According to DappRadar, the NFT market skyrocketed to an incredible $10.7 billion in the third quarter of 2021. Upon witnessing these eyewatering figures, Coinbase have apparently decided they want a slice of this NFT pie. As a result, the trading goliath is now developing its own NFT platform.
The first iteration will see an Ethereum-based marketplace which will allow the buying, selling and creation of digital assets. However, Coinbase have pledged to upgrade to cross-chain capabilities shortly after the launch. As of now, further details are sketchy at best, however the crypto giant has indicated it will not charge fees above the standard gas prices.
The move sees Coinbase following in the footsteps of rival crypto-trading platforms Binance and Crypto.com. Therefore, the venture is likely to face stiff competition. And, that is before you even take the mighty OpenSea into the equation. A company who will prove difficult to topple from their lofty throne.
For the humble collector however, the added dose of healthy competition could prove beneficial. With a number of high-profile companies battling for the top spot, we could see platform fees tumble across the board.
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