Coinbase CEO Thinks NFTs Will Get As Big As Crypto

Quick Summary

  • Coinbase is one of the biggest crypto exchanges, and now they want to become one of the biggest in the NFT universe. More than 2.5 million people already signed up for their upcoming NFT marketplace.
  • The goal of Coinbase is to have a platform, where people can create, trade and discover ETH-based NFTs with social media-like experience.

Cryptocurrencies are already established in the world with tens of millions of users, traders and investors. However, non-fungible tokens (NFTs) just got big this year and everyone wants to dive in as its revolutionary sphere and already showed many benefits coming with it. Will NFTs get at least as big as crypto, or even more? 

Will NFTs Get Bigger Than Crypto?

Coinbase is one of the biggest cryptocurrency exchanges in the world with millions of users, and now they are adapting to the new trend – Coinbase announced NFT marketplace will be live soon. Coinbase has received more than 2.5 million sign-up emails for the marketplace since it was first announced in October. 

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The crypto exchange released its Q3 financial results, reporting $1.2 billion in revenues, which mostly comes from the platform’s transaction fees on trading cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH). This makes Coinbase one of the most profitable crypto exchanges out there, and now they want to join the NFT world. The firm is already the largest crypto exchange in the United States, with its shares publicly traded on Nasdaq (worth around $74 billion). 

https://www.coindesk.com/tech/2021/09/23/why-nfts-are-so-appealing-and-how-anyone-can-start-learning-for-free/

“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,” the Coinbase CEO said, adding that it “could be as big or bigger” than Coinbase’s cryptocurrency business.

The goal of Coinbase is to have a platform, where people can create, buy, sell and discover ETH-based NFTs with a social media-like experience. Users will have a chance to follow other profiles and receive updates. Coinbase already has 68 million verified users and 8.8 million monthly active users as of Q2 2021, so if NFTs get at least as big as crypto, the exchange may establish itself as the best crypto-nft platform. 

Conclusion

As Coinbase has already become popular and useful in the crypto world, its transition to the NFT universe could be smooth. With its long pre-register list of 2.5 million, it will probably become the center for all NFT & Crypto-oriented products and services. If you missed out, you can still pre-register here too.

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Sentiment: positive


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sources: business-standard, cointelegraph

author: Rene Remsik

Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.