Cryptocurrency exchange Coinbase has met with over 100 content producers to plan the launch of its non-fungible token marketplace.
The announcement, which provided no details on the launch date, notes that the marketplace will have multiple tools and innovations of a kind in the market.
The US crypto exchange says that its offering will be differentiated by having a social function that connects artists and users in a community setup.
The firm’s CEO, Brian Armstrong, expects the NFT market to outperform cryptocurrencies. He adds that his plan is to develop a marketplace that provides immersive experiences akin to social media platforms.
The news follows a DappRadar report that rival NFT marketplace OpenSea recorded a 15% dip from transactions and active users in the past month. The trading volumes have equally dropped by 42.65%.
Wen Coinbase NFT? Soon.— Coinbase NFT (@Coinbase_NFT) March 14, 2022
We recently met with 100+ creators and we’re continuing to build the product based on community feedback. We appreciate your patience and can’t wait to show you what we’re cooking up.
💙🙏🔜 -Coinbase NFT