Coinbase embraces NFTs with new peer-to-peer marketplace

The cryptocurrency exchange is branching out and launching a new marketplace for nonfungible tokens.

Ry Crist Senior Editor / Reviews - Labs
Originally hailing from Troy, Ohio, Ry Crist is a writer, a text-based adventure connoisseur, a lover of terrible movies and an enthusiastic yet mediocre cook. A CNET editor since 2013, Ry's beats include smart home tech, lighting, appliances, broadband and home networking.
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Ry Crist
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Coinbase cryptocurrency trading market
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Coinbase, a popular platform for buying and selling cryptocurrency like Bitcoin, unveiled on Tuesday plans to launch Coinbase NFT, a new peer-to-peer marketplace for nonfungible tokens, or NFTs. You'll be able to request early access and updates on the Coinbase website.

"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."

Watch this: All you need to know about NFT

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 a rush of interest from prospective buyers and sellers, with some selling for thousands or even millions of dollars. In September, an NFT collection of cartoon apes sold at Sotheby's auction house for $24.4 million.


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 like Twitter and TikTok have moved to incorporate NFTs into their user experiences, and big names like Fortune, Visa and DC 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 Coinbase's embrace of Dogecoin this past summer, along with the still-delayed launch of 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)."

Last month, the platform disclosed a large-scale phishing attack that 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."