More than 600,000 users have signed up to Coinbase’s NFT waitlist, with the sign-up page intermittently unable to accept new registrations due to high traffic.
Coinbase announced on Tuesday that it will release a peer-to-peer NFT marketplace for minting, trading, and discovering NFTs. It is set to launch in late 2021.
As of Wednesday morning, new users received rankings of over 635,000. Prospective customers may have issues joining the waitlist, with the sign-up page stating it is experiencing extremely high traffic, prompting users to check back later.
A New NFT Customer Base
With OpenSea dominating the current NFT market, Coinbase hopes it can use its major position in the cryptocurrency market to open up the NFT space to a wider audience.
“Just as Coinbase helped millions of people access Bitcoin for the first time in an easy and trusted way – we want to do the same for NFTs,” said Sanchan Saxena, Coinbase's VP of Product, Ecosystem.
The exchange hopes to do this by streamlining the minting and purchasing processes, while also adding social features.
Coinbase has over 68 million users compared to OpenSea’s reported 300,000 users.
The Coinbase NFT marketplace will only be open to US residents at launch. While Coinbase’s FAQs state only those in the US are eligible for the waitlist, anybody can enter their email.
Users can move higher in the waitlist by successfully referring other people to the NFT waitlist.
Coinbase is not the first cryptocurrency exchange to open an NFT marketplace. In July, Binance launched its own NFT platform, while FTX launched a cross-chain NFT marketplace in September.
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