Over 1M sign-ups on Coinbase NFT marketplace within a day

Brian Armstrong, the Chief Executive Officer (CEO) of the world’s biggest crypto exchange Coinbase today tweeted that the company’s exclusive Non-Fungible Token (NFT) marketplace already has crossed 1 million sign-ups since its launch announcement. Recently this week, the company announced that it is launching its first NFT market for digital artists and creators.

On October 13, Coinbase Global Inc., on its website, made the announcement about the new launch.

Coinbase is using ERC-721 & ERC-1155 

The step by Coinbase is called the revolutionary beginning for the NFT world as Coinbase is ready for tough competition with other exchange platforms, Binance and FTX Derivatives.

The exchange giant said that it would offer to buy and sell digital artworks that will reside on the blockchain in a decentralized system. The company also assured a better user experience as its NFT marketplace will have social features and ERC-721 and ERC-1155 standards, giving it multi-chain support.

Sanchan Saxena, VP of Product, Ecosystem, said that the company is making the marketplace more user-friendly, which puts complexities in the back-end. He added that adding social features will open new avenues for discovery and conversation. 

He further added that the initial version would support Ethereum based ERC-721 and ERC-1155 standards, and the multi-chains support will come soon.

Creator-Friendly NFT marketplace

Coinbase promises an enhanced and easy marketplace whose primary focus will be on user experience by making it more accessible. The company claims that it will be an amazing platform for artists. 

The crypto exchange giant stressed user satisfaction for being more successful. It adds that the key to a better and improved token creation is able to deliver it to the right creators. The platform said that it would prioritize the needs of creators and artists along with improving user experience.

The new marketplace by Coinbase will definitely motivate many amazing digital artists to come out of their comfort zone by trying their hands on NFTs.