Coinbase has been one of the prominent destinations for cryptocurrency exchange. And holds a major chunk of crypto investments. Coinbase has announced plans to launch a massive NFT marketplace. Users can now signup to a waitlist for early access. Reports suggest, the NFT marketplace to have boomed, with the sales volume topping $10 billion this Q3.
The NFT marketplace would be a peer-to-peer marketplace. That is set to make, minting, purchasing, showcasing, and discovering NFTs simpler than before. The NFT marketplace from Coinbase is poised to host a user-friendly ecosystem. With social features that enable conversations and discovery. While being creator-friendly.
Views of Enthusiasts
While creators are pleased with the addition of yet another marketplace. Critics, on the contrary, are reproaching the move. By complaining it to be another source of revenue for the platform. Netizens want Coinbase to settle with lower charges, before its foray into foreign platforms. As the company is currently reliant heavily on exchange fees, unlike its counterparts.
Some sources also suggest Coinbase charging a premium during a crash. Possibly due, to an increase in transactions during a crash. Talks also making rounds of Coinbase venturing into a new platform after its ban from opening a lending platform.
Collectively, users are seeking lower charges, which are incurred from the platform. Hopefully, the fees is lowered with the introduction of the NFT marketplace. As it would be encouraging for more creators to join the pack. Users are expecting Coinbase to go decentralized, like its competitor Binance. If materialized, it will be a boon for the institution. However, the level of its decentralization is also to be considered.