As per the report, Coinbase’s recent NFT platform has attracted audience 10 times greater than OpenSea attracted over the past month. The firm’s CEO, Brian Armstrong recently said that the company is fully working on launching its own non-fungible token (NFT) platform. This could be the company’s biggest project of all time. This could be even greater than all the cryptos enlisted on Coinbase as well.
The company on Tuesday published its third-quarter financial report for the financial year 20201. The documents indicated that Coinbase has generated $1.2 billion in revenue for the third quarter of financial year 20201. The fact is that a large number of the revenue comes from the company’s transaction fee on the trade of cryptocurrencies such as Bitcoin (BTC) and Ether (ETH).
As of this writing, Coinbase is the biggest crypto exchange in the United States, moreover, the company’s shares are also trading on Nasdaq Stock Exchange. However, like other crypto exchanges such as Binance, Coinbase does not own its cryptocurrency. However, Coinbase has taken big steps in the direction of NFTs.
Coinbase’s NFT project would significantly enhance its operations and profits. This could surpass the company’s entire existing cryptocurrency business. Bloomberg reported that Armstrong’s comments appeared during a conference call where he was discussing the future of NFTs. The Coin base CEO further added that: “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.”
He also said that this NFT could be as big as or even bigger than the company’s crypto business as well. The company back in October announced that its going to launch a native NFT project. The aim behind this is to allow users and digital artists to create, purchase, discover and showcase Ethereum-based NFTs.
Coinbase will deliver a social media-like user experience where people will be able to show their NFTs collection by displaying them on their platform’s profile. A similar option was recently offered by twitter as well.
Some of the world’s renowned digital, tech and crypto companies have already jumped into the NFT business. However, it is expected that Coin base will launch its NFT project later this year or by the start of the next year.
Following the announcement of the launch of the NFT project, a large number of people have already registered themselves with Coinbase. As of this writing, Coinbase’s official data shows that 1 million users have already signed up for the platform.
The fact of the matter is that Coinbase working on creating the digital metaverse where crypto and NFT will be operating side by side.