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Cryptocurrency exchange Coinbase is launching its own NFT marketplace, “Coinbase NFT,” the company announced on Tuesday.
The marketplace that will allow Coinbase users to buy and sell Ethereum-based collectible tokens is expected to be live by the end of the year.
Coinbase’s new product will take aim at leading NFT marketplace OpenSea, where the majority of Ethereum-based NFT trading is currently taking place. Although in the past four months, volume on the browser-based platform surged with as many as 80,000 transactions per day, its user experience is severely lacking. Coinbase said on their blog:
“If you’ve tried to create or purchase an NFT, you’ve probably found the user experience lacking. Coinbase NFT will make minting, purchasing, showcasing and discovering NFTs easier than ever. We’re making NFTs more accessible by building intuitive interfaces that put the complexity behind the scenes.”
Just a day earlier, upcoming exchange FTX announced their NFT marketplace, taking a different approach by powering it by Solana. It does however have plans to support other blockchains, including Ethereum, in the future.
In June this year, Binance announced the launch of its own NFT platform and marketplace.