There have been more than 1 million registrations for Coinbase’s NFT platform since the waiting list went live on October 12th.
Coinbase opened the waiting list via a blog post announcing the upcoming NFT platform, which is slated to hit the market later this year. The platform, named “Coinbase NFT”, will initially support the Ethereum-based token standards ERC-721 and ERC-1155, with plans to expand support to other blockchains in the future.
At the time of writing, nearly 1.1 million people are waiting for early access to the NFT platform. Sanchan Saxena, the vice president of product at Coinbase, tweeted that the “insane” amount of traffic for the waiting list temporarily broke the site.
Thank you for your patience everyone – in the past few hours we’ve been ramping things up and scaling things up so you can sign up for the NFT marketplace.
See you there https://t.co/ysu6Eku84b! https://t.co/kOHbZaPr8P
– Sanchan S Saxena (@sanchans) October 13, 2021
If you can orientate yourself on Coinbase’s user base – around 68 million verified users and 8.8 million monthly active users in the second quarter of 2021 – NFT platform giants like OpenSea could soon face serious competition. According to data from DappRadar, OpenSea has a rolling 30-day average of 260,000 active users who made a total of 2.49 million transactions in the last month.
Coinbase’s NFT waiting list is already larger than OpenSea’s wallets.
– NATΞ R ◎ TH (@NathanCRoth) October 13, 2021
According to the fine print, the Coinbase NFT platform will initially be available to US customers aged 18 and over before it will be rolled out on international markets in the future.
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Coinbase’s entry into the NFT sector comes after competing crypto exchanges FTX and Binance both launched their own NFT marketplaces. Binance NFT opened its doors in June, with the platform aiming to offer low transaction costs, while FTX and FTX.US launched NFT platforms with limited functionality last month.
Cointelegraph reported earlier this week that FTX.US’s NFT marketplace has expanded support for the Solana blockchain.
Call to all NFT artists! Show us what you got in the responses and we’ll retweet some of our favorites. #PortfolioTag
– Coinbase NFT (@Coinbase_NFT) October 12, 2021