Since the launch of its non-fungible token platform on October 12, Coinbase has received over 1 million sign-ups, indicating a high level of interest in the company’s latest initiative.
As a matter of fact, the company’s website was temporarily down due to the overwhelming number of signups and waiting requests, according to Coinbase Vice President of Product Sanchan Saxena.
At the time of publication, corporate data indicated that a million people have requested early access to the NFT platform.
The latest solution, dubbed “Coinbase NFT,” will come later this year and will first handle Ethereum-based ERC-1155 and ERC-721 coins.
Coinbase’s NFT platform’s future goals include expansion to include other blockchains.
The competition is fierce
Some are already predicting that the new platform will be a strong competitor to industry leaders like OpenSea.
According to DappRadar, OpenSea now has a 30-day average of 260,000 active users, who transacted a total of nearly 2.5 million times last month.
Coinbase, on the other hand, has 68 million confirmed users. What’s more interesting is that the company had 8.8 million active users as of the second quarter this year, prompting some to speculate that it could become a potential competitor for OpenSea.
Following rivals’ footsteps
Coinbase’s plan to build its own non-fungible token marketplace follows in the footsteps of Binance and FTX, two other major crypto exchanges.
Binance NFT, which aims to deliver cheap transaction costs, started online in June of this year. FTX and FTX.US both launched NFT platforms last month, however, their functionality was minimal.
The FTX.US NFT marketplace added support for the Solana Blockchain earlier this week.
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