In a recent Tweet, Coinbase, the prominent crypto exchange platform, has announced that its NFT marketplace will launch “soon”. With NFT interests going down, is it the right time to get into the space of Non-fungibles?
On its official Twitter account, Coinbase NFT —the account for Coinbase’s planned NFT marketplace— said that its team met with more than 100 content creators to work on the launch of their new NFT marketplace.
However, they have not mentioned an official launch date as of yet. But, what is certain is that the marketplace will launch soon and will include a number of features and technologies that the competition does not have.
New innovation in NFT technology?
Coinbase CEO Brian Armstrong recently stated that the NFT market might ultimately overtake that of cryptocurrencies, which is why the company is developing a marketplace that provides a more immersive experience similar to that of social media platforms such as Instagram or Facebook. He stated,
“We are very excited about NFTs, this is going to be a very large area for crypto in the future, and it already is today.”
Coinbase’s primary differentiator, according to the company, will be a new “social function” that aims to improve the interaction between artists and users, allowing them to build an endlessly growing community of creators.
Is it too late?
Non-Fungible Token’s had a market capitalization of $23 billion not long ago, surpassing CarMax and Take-Two Interactive Software. According to CoinMarketCap, it’s now worth a little over $10 billion.
The reduction appears to be the speculative result of a number of factors, including the crypto bear market, the economic crisis due to war in Ukraine, and the Securities and Exchange Commission’s increasing regulatory scrutiny of NFTs.
The downfall of Non-fungibles has been predicted by many people, not just skeptics. Because of how versatile and accessible NFTs are, even ardent collectors of digital art have warned that a “cataclysmic market crash” could be on the horizon, as the area gets oversaturated.
The new Coinbase NFT marketplace was announced on October 12, 2021, and has sparked high interest among the community since then, as the platform’s backing from the largest exchange in the United States would put it in direct competition with other titans like OpenSea, Rarible, NBA Top Shot Marketplace, Binance, and Crypto.com, among others.
Coinbase has positioned itself as a leader in the cryptocurrency market for years by adhering to all of the legal requirements established by the US government, which might give it a significant competitive edge.
So, while Coinbase has not yet declared a precise debut date for the new platform, it is highly likely that once it is, it will draw a large number of artists and users who are currently “loyal” to the competition.