The Coinbase NFT platform went live on 12th October, and in less than two days more than 1 million people have signed up for it. The announcement of going live was done through Coinbase’s blog, and people were surprised since it was expected to go live later this year. Coinbase’s platform is called “Coinbase NFT”, and it will support the Ethereum-based ERC-721 and ERC-1155 token standards. Coinbase has plans to extend support to other blockchains in the future, as their service grows and strengthens. Vice president of product at Coinbase, Snchan Saxena, tweeted that unexpected and overwhelming traffic has caused their servers to crash. The team worked to fix the servers and it was up and running again after a temporary break. Within that time, 1.1 million people had signed up for Coinbase NFT.
Experts are claiming that the Coinbase NFT platform has all the necessary ingredients for success. Coinbase might soon be the biggest NFT platform, overtaking giants like OpenSea.
Coinbase has a huge number of registered and active users. Going by the data from the second quarter of 2021, they have over 68 million registered users and 8.8 million active users every month. If we compare this to OpenSea’s 30-day average of 260,000 active users, it is clear that Coinbase will give OpenSea a run for its money.
As of now, the Coinbase NFT is available only to customers from the United States who are above 18. Coinbase will soon extend support to international customers once the initial frenzy has settled down.