More than 1 million sign-ups have been recorded for Coinbase’s NFT platform since the waitlist went live on October 12th.
Coinbase released the waitlist via a blog post announcing its upcoming NFT platform which is scheduled to launch later this year. The platform named “Coinbase NFT” will initially support the Ethereum-based ERC-721 and ERC-1155 token standards, with plans to expand support to other blockchains in the future.
Almost 1.1 million people are waiting for early access to the NFT platform. The Vice President of product at Coinbase Sanchan Saxena tweeted that the “insane” amount of traffic for the waitlist temporarily broke the site.
Coinbase’s user base has around 68 million verified users and 8.8 million monthly active users and the NFT platform could soon provide some serious competition to giants such as OpenSea. According to data OpenSea has a rolling 30 day average of 260,000 active users who have conducted a combined total of 2.49 million transactions over the past month.
The Coinbase NFT platform will initially be available to U.S. customers over the age of 18 before being rolled out to international markets in the future. Coinbase’s plunge into the NFT sector comes after competing crypto exchanges FTX and Binance both launched their own NFT marketplaces.
