Coinbase Announces Its NFT Token Platform…Details Here

Coinbase Announces Its NFT Token Platform…Details Here

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Answer Coinbase Announces Its NFT Token Platform…Details Here

Cryptocurrency exchange Coinbase said Tuesday that it plans to launch a marketplace that will allow users to issue, aggregate and trade digital currencies or NFT tokens.

The company told that users can register on a waiting list for early access to the new platform.

As is well known, NFTs are unique digital tokens that are designed to represent ownership of online digital items such as rare artwork or collectible trading cards. These digital tokens are not fungible, which means that you cannot exchange one NFT for another as with Bitcoin and other cryptocurrencies.

Sales of these digital tokens have boomed this year.

NFT’s transaction volume exceeded $10 billion in the third quarter of 2021, according to DappRadar.

Read:GBI cooperates with Ripple to facilitate the process of spending and trading gold

Notable NFT market purchases include a $70 million purchase by someone who purchased a digital collage made by Mike Winkelman, the artist known as Beeple.

The first tweet was also purchased for an estimated $3 million.

Coinbase told that its NFT platform, called Coinbase NFT, will include “social features” and take advantage of the so-called creator economy, a term used to describe the world of people who make money by posting videos and other content online.

Enthusiasts for the arena of non-fungible tokens say NFT is a way to compensate artists who have seen their income drop due to the wide availability of online media.

On the other hand, critics view it as yet another speculative bubble in the cryptocurrency market waiting to burst.

However, moving into the NFT space may be a way for Coinbase to create a new revenue stream, as Coinbase currently relies heavily on trading fees.

It will also put the company against other startups in the crypto space such as:

Read:Learn about the electronic currency Litecoin and its symbol (LTC)

Gemini, Binance, and OpenSea.

Read also:

Learn about the new subscription of the “LAZIO” coin on the Binance IPO platform

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