"Today, we're announcing Coinbase NFT, a peer-to-peer marketplace that will make minting, purchasing, showcasing, and discovering NFTs easier than ever," the company said in a blog post. "Just as Coinbase helped millions of people access Bitcoin for the first time in an easy and trusted way -- we want to do the same for the NFTs."
Still a relatively new phenomenon, NFTs are digital, independently valued assets like music, artwork or even tweets that have had their authenticity certified on a blockchain. Throughout 2021, NFTs of all sorts have attracted, with some selling for thousands or even millions of dollars. In September, an NFT collection of cartoon apes sold at Sotheby's auction house .
Now, citing a company mission to "increase economic freedom in the world," Coinbase wants in on the action.
"By enabling more people to join the creator economy and profit from their work, NFTs have an important role to play in this mission," the company said in its post. "NFT artists have shaken-up the traditional art world. Industries such as fashion, gaming, and music are recognizing the power of NFTs to unlock new forms of creativity and ownership."
Coinbase isn't alone when it comes to NFTs. In recent months, platforms likeand have moved to incorporate NFTs into their user experiences, and big names are dabbling in the digital medium, too.
As for Coinbase, the upcoming marketplace aims to put "the art and the artist's experience at the forefront."
"All NFTs are on-chain," the Coinbase blog adds.
"The initial launch will support Ethereum based ERC-721 and ERC-1155 standards with multi-chain support planned soon after."
The expansion into NFTs follows the company's Lend program, which allows some customers to "earn interest on select assets on Coinbase, starting with 4% APY on USD Coin (USDC)."this past summer, along with the launch of
Last month, the platformthat affected users earlier in the year. The company said it had "immediately fixed the flaw and have worked with these customers to regain control of their accounts and reimburse them for the funds they lost."