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Coinbase recently announced its platform for non-fungible tokens (NFT) and it has already accrued one million signups on its waitlist.
The figure comes from an anonymous Bloomberg source, for whom it wasn’t clear whether some signups were duplicates or spam.
“We are getting a LOT of signups – so grateful for all your interest,” tweeted Coinbase vice president of product Sanchan Saxena. “We are seeing insane loads on our servers and our team is working hard to get this resolved. Check back soon!”
Coinbase launching NFT platform
The surge in signups represents extraordinary demand for the new peer-to-peer marketplace, only announced by Coinbase earlier this week. Coinbase said it would include social features to assist in the discovery of newly launched pieces and collections. It also plans to offer a “personal feed” based on user interests and preferences for NFTs.
In launching the platform, Coinbase is hoping to compete with FTX’s recently launched Solana NFT platform and market leader OpenSea. On August 28, the NFT marketplace saw a daily peak in volume at $225 million, users at 38,000 and transactions at 112,000, according to DappRadar. Additionally, daily sales of NFTs peaked near $268 million across all platforms on that date, according to Non-fungible.
NFTs, the next frontier
However, the same month NFTs peaked, Coinbase warned that customers’ usage had slowed at the start of the third quarter. In the face of industry competition from Robinhood and Twitter, Coinbase is launching its NFT marketplace to diversify its offerings.
According to Bloomberg Intelligence’s Julie Chariell, NFTs are the “next frontier” for Coinbase, and so could become a lucrative business for the exchange next year.
“Fees are more likely to mirror retail than institutional crypto-trading commissions,” Chariell said. “NFT trading at our 3% fee estimate would bring much more revenue per trading dollar, along with less volatility to Coinbase operations than the crypto trading platform.”
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