While the cryptocurrency exchange Coinbase is preparing to launch its own non-fungible token (NFT) platform soon, CEO Brian Armstrong has assessed the importance of the company’s next NFT offering.
On Tuesday, Coinbase released its third-quarter financial results, reporting $ 1.2 billion in revenue, mainly coming from the platform’s transaction fees for trading cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). The company is the largest cryptocurrency exchange in the United States, now with its COIN shares publicly traded on Nasdaq.
Coinbase’s NFT offering would significantly boost the exchange’s operations, as the NFT platform could potentially turn Coinbase’s entire existing crypto business upside down. Armstrong made the statement by speaking on a conference call Tuesday, Bloomberg reported.
“We are very excited about NFTs, this will be a very big area for cryptocurrencies in the future, and it already is today,” the Coinbase CEO said, adding that It “could be as big or bigger” than Coinbase’s crypto business.
Coinbase officially announced plans to launch its own NFT platform in mid-October, with the intention of allowing its users create, buy, discover and display Ethereum-based NFTs. The service will provide an experience similar to that of social networks, which will allow users to follow different profiles and receive updates.
As Coinbase hopes to launch its NFT platform later this year, a lot of people have already expressed their willingness to test the offer. A few days after Coinbase started its NFT waiting list in October, more than 1 million people signed up for the platform.
The number of applicants has continued to grow rapidly as reportedly Coinbase has received more than 2.5 million emails seeking to sign up for the market so far. This is just a small portion of Coinbase’s total of 68 million verified users and 8.8 million monthly active users as of Q2 2021.
OpenSea, the world’s largest NFT marketplace, processed over $ 1.7 billion worth of transactions in the past 30 days, with more than 230,000 users interacting with their smart contracts during the period, based on data from industry metrics provider DappRadar.
Coinbase is just one of many global crypto exchanges planning or already launching their NFT platforms. amid the parabolic growth of the NFT industry. In September, the exchange FTX Sam Bankman-Fried became the latest cryptocurrency platform to announce the launch of a native NFT market. Binance, the world’s largest cryptocurrency exchange, debuted its own NFT platform in June.