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Cryptocurrency exchange announces new NFT trading platform

By
Jake Thomas
NFT art is on display for the Post-War to Present: The NFTs auction at Christie's New York galleries in New York City on September 28. Coinbase announced a new platform to buy and sell NFTs. Photo by John Angelillo/UPI
NFT art is on display for the Post-War to Present: The NFTs auction at Christie's New York galleries in New York City on September 28. Coinbase announced a new platform to buy and sell NFTs. Photo by John Angelillo/UPI | License Photo

Oct. 12 (UPI) -- A large cryptocurrency exchange says it's creating a marketplace where users can easily showcase and trade "non-fungible tokens," a unique digital asset meant to represent ownership of videos, tweets and other digital items.

Coinbase said on its blog Tuesday that customers could join the waitlist for Coinbase NFT, its upcoming trading platform for non-fungible tokens, or NFTs.

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The company said its new marketplace will improve the user experience for trading NFTs, which Coinbase said are unlocking new "forms of creativity and ownership" in fashion, gaming and music.

"By enabling more people to join the creator economy and profit from their work, NFTs have an important role to play in this mission," Coinbase said in the blog. "Their impact is already being felt. NFT artists have shaken-up the traditional art world."

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NFTs have emerged in recent years as a means of proving ownership over reproducible digital files, such as an image, photo, song or others. While NFTs can't be exchanged for others, similar to Bitcoin and other cryptocurrencies, they use the same blockchain technology to record transfers of ownership.

Earlier this year, Twitter CEO Jack Dorsey sold an NFT of his first-ever tweet from 2006 for $2.9 million. Over the summer, the Golden State Warriors became the first professional sports team to sell NFTs of digital collectibles from its most memorable games.

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NFTs have seen explosive growth. Analytics platform DappRadar found that in the third quarter of 2021, NFTs generated over $10.67 billion in trading volume, a 704% increase from the previous quarter and a 38,060% year-over-year increase.

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Coinbase said its marketplace will make creating an NFT as "simple as tapping a few buttons." It'll also include features to connect users with one another while growing the creator community and allowing artists to maintain creative control.

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