After the waitlist opened on Tuesday, more than 1 million people have signed up for Coinbase’s non-fungible token (NFT) platform.
Coinbase announced the waitlist in a blog article introducing the debut of its forthcoming NFT platform later this year. The “Coinbase NFT” platform will handle the Ethereum-based ERC-721 and ERC-1155 token standards at first, with ambitions to expand to additional blockchains later.
Nearly 1.1 million users have signed up for early entry to the NFT platform as of this writing. However, the crazy volume of traffic for the queue briefly crashed the site, according to Sanchan Saxena, vice president of product at Coinbase.
If Coinbase’s user base is any indication — about 68 million verified members and 8.8 million monthly active users as of Q2 2021 — the NFT platform might soon give heavyweights like OpenSea a serious run for their money. OpenSea has a rolling 30-day average of 260,000 active users, as per DappRadar, who have completed a total of 2.49 million transactions in the previous month.
The Coinbase NFT platform will first be available to US consumers over the age of 18 before being extended out to foreign markets in the future.
Coinbase’s entry into the NFT market follows the introduction of NFT marketplaces by rival crypto exchanges FTX and Binance. Binance NFT debuted in June intending to lower transaction fees, while FTX and FTX.US debuted NFT platforms with limited capabilities in the previous month.
This week, Cointelegraph revealed that FTX.US’s NFT marketplace had added support for the Solana Blockchain.