As cryptocurrency exchange Coinbase prepares to roll out its non-fungible tokens (NFT) platform soon, CEO Brian Armstrong has taken into account the importance of the company’s upcoming NFT offering.
Coinbase released its third-quarter financials on Tuesday, reporting $1.2 billion in revenue, primarily driven by platform fees for transactions with cryptocurrencies such as Bitcoin (BTC) and Ether (ETH). The company is the largest cryptocurrency exchange in the United States, and COIN is listed on Nasdaq.
Coinbase’s NFT offering will significantly increase exchanges as the NFT platform can transform Coinbase’s existing crypto business. Armstrong announced in a conference call on Tuesday, Bloomberg reported.
“We are very excited about NFT, it will be a very large area for cryptocurrency in the future, and it is today,” the Coinbase CEO said, adding that it “could be as big or even bigger” than Coinbase’s crypto business.
Coinbase has officially announced plans to launch its NFT platform in mid-October with the goal of allowing users to create, buy, open and view Ethereum-based NFTs. The service will provide interaction with social networks, allowing users to follow different profiles and receive updates.
Since Coinbase plans to launch its own NFT platform later this year, a large number of people have already expressed an interest in trying this offer. Days after Coinbase launched its NFT queue in October, more than 1 million people signed up for the platform.
The number of job seekers has continued to grow rapidly as Coinbase has reportedly received more than 2.5 million emails so far asking for marketplace registration. This is just a small part of Coinbase’s total of 68 million approved users and 8.8 million monthly active users as of Q2 2021.
OpenSea, the world’s largest NFT marketplace, has processed $1.7 billion in transactions in the past 30 days, with more than 230,000 users interacting with their smart contracts during that time, according to industry survey provider DappRadar.
On the topic: “Over time, we want to see the NFT market expand,” says David Schwartz, CTO at Ripple.
Coinbase is just one of several global cryptocurrency exchanges that are planning or have already launched their own NFT platforms in the midst of the equivalent growth of the NFT industry. In September, the Sam Bankman-Peace FTX crypto exchange became the latest crypto platform to announce the launch of its NFT Marketplace. Binance, the world’s largest crypto exchange, launched its NFT platform in June.