Brian Armstrong, the Chief Executive Officer (CEO) of the largest cryptocurrency exchange in the U.S. Coinbase, assessed the significance of the company’s most-awaited NFT offering. Coinbase recently released its Q3 financial report, which indicates $1.2 billion of revenues generated coming mostly from the platform’s transaction fees on trading crypto tokens.
Notably, as we reported, the crypto exchange in mid-October announced that it is gearing up to launch its own NFT marketplace. The goal of this new market would be to allow users to create, discover, purchase, and sell Ethereum-based NFTs. The exchange giant is expecting to roll out the launch at the end of the year, and Coinbase users are really excited, which is proved by a record of more than 1 million signups within a day of the announcement.
Coinbase expects the NFT market to overpower crypto
The coinbase has received more than 2.5 million emails for signups for the NFT marketplace so far, and the count is growing rapidly. Interestingly, the company is expecting more as the count is still just a small fraction of the company’s 68 million verified users.
Armstrong, while talking to Bloomberg on a conference call, said that the NFT Platform has the potential to entirely flip the existing business of the company, which would be a huge boost to the exchange’s operations. He added that NFT could be as big or bigger than the company’s crypto business.
The new NFT marketplace is designed to let users experience the smell of social media in the crypto world. This will allow users to follow different accounts and receive updates.
The NFT market is growing rapidly, with many creators and major entertainment giants using it as a tool to promote themselves. The recent launch of NFT collectibles by Disney and Marvel says it all. Along with that, as we reported, Budweiser and fast-food giants McDonald’s and Burger King are also keeping pace with their own NFT launch.