NFT Weekly Blog: Coinbase NFT

Welcome to another week in our NFT Weekly Blog series, and today we’re discussing the launch of Coinbase’s NFT platform, a development that sees the USA’s largest crypto exchange move to the world of NFT collections on the Ethereum blockchain.

Coinbase NFT recently launched in beta mode and the platform has kickstarted its NFT journey with collections such as World of Women and Doodles, with plans to expand over time. 

What is particularly interesting about the launch of the NFT platform, in our view, is the impact that the original popularity of Coinbase as a publicly traded cryptocurrency exchange platform could have on global NFT trends. 

According to Coinbase, the platform represents over 89 million verified users and trades approximately $547 billion in quarterly volume. This begs the question of whether Coinbase’s reputation for accessibility, particularly amongst those new to the crypto ecosystem, will usher in yet another boom for NFTs. 2021 saw the NFT market deliver over $17 billion in sales, marking a 21,000% increase from 2020, and perhaps the millions of users on Coinbase will be inspired to dip their toes into the NFT pool with this new launch.

It goes without saying that the community will need multiple platforms to satisfy the appetite of a rapidly growing NFT community, and Stratisphere is certainly happy to be contributing the first NFT marketplace with 0% platform fees to the landscape. We’re also very interested in cross-chain compatibility for NFTs and we’re actively working on the ability to bridge between Ethereum and Stratis so NFTs on the Ethereum blockchain can be secured and traded on Stratis (and vice versa).

We look forward to seeing the impact that the launch of Coinbase NFT has on market growth and NFT trends over the course of 2022!

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