Coinbase Global Inc. has recently announced that it will be launching an NFT (non-fungible token) marketplace. The popular cryptocurrency exchange saw an impressive number of people who were waitlisted on the first day.
Coinbase NFT Waitlist Signups Reach More Than One Million
In its latest report on Thursday, Oct.14, Bloomberg reported that a person familiar with Coinbase said that the first day saw over one million signups on the NFT waitlist.
At the time of writing, the anonymous person said that it was still not revealed why the exchange reached that number during its early access. The source added that there's still no explanation if it was only due to spam or signup duplications.
So far, Coinbase's launching of its own NFT marketplace is one of the hottest trends in the field of blockchain technology.
With regards to the huge numbers of single-day signups, Sanchan Saxena, the Vice President of Product of the organization tweeted that they are trying their best to fix the issue on its servers due to lots of signups.
Coinbase is not the first company this year to explore the world of NFTs. FTX and Twitter also dived into the venture of digital assets.
In the latter part of August, the Nonfungible tracker recorded that the platform collected $268 million daily. This took place in the surge of popularity of the NFTs.
In the same month, Coinbase sought plans to compete with other platforms such as Robinhood Markets Inc. At that time, the usage rate of customers was reportedly being hampered in the Q3 of the year.
In an effort to encourage more investors and traders in the platform, Coinbase looks forward to improving its service to all users especially with the popularity of digital tokens.
Julie Chariell of Bloomberg Intelligence stated that NFTs would be the "next frontier" for the crypto exchange in the following year. This would potentially spark the business to thrive amid competition.
"NFT trading at our 3% fee estimate would bring much more revenue per trading dollar, along with less volatility to Coinbase operations than the crypto trading platform." the senior fintech analyst said.
Coinbase Alternatives to Check
Benzinga, a known cryptocurrency site, listed some alternatives for Coinbase. Earlier this month, the publication wrote the following:
The publication also noted that people should be aware of supported currencies in a specific platform, in addition to the knowledge in using them. Moreover, it's also good to first verify if the said platform is available in your country.
Binance Wants to Boost Digital Asset Usage
In other news, another crypto exchange platform Binance contributed another $1 billion for the acceleration of digital asset adoption. The company is looking forward to attracting more users in the blockchain environment.
Since we are talking about NFT, you could also check our previous article about the best digital wallets in 2021, including Math Wallet and Metamask, to name a few.
This article is owned by Tech Times
Written by Joseph Henry