Coinbase announces NFT marketplace, date of launch remains undisclosed

Coinbase is set to launch a peer-to-peer marketplace for non-fungible tokens, or digital collectibles (NFTs). Users will be able to discover, mint, acquire, and display their NFTs on the US-based crypto exchange. The launch date for this platform has yet to be determined. Existing participants in the space, such as OpenSea and LooksRare, will compete with the Coinbase NFT platform.

NFTs are based on blockchain technology and are essential components of the metaverse industry. NFTs can be influenced by a variety of things, including video games, music, and movies. Coinbase revealed the news on Twitter, as well as the fact that it is developing its NFT marketplace in response to community comments. The startup, which was created in 2011, is currently talking to NFT inventors to get their feedback.