Blockchain.com Follows in the Footsteps of Coinbase and FTX by Launching an NFT Marketplace
The wallet, explorer, and exchange startup is now accepting waitlist applications for its Blockchain.com NFT marketplace.
Nowadays, cryptocurrency exchanges are not happy with just sucking up money from Bitcoin and altcoin trading. They’re making a beeline towards NFT trading.
Blockchain.com, the wallet and trading site founded by CEO Peter Smith, teased its marketplace for buying, selling, and storing Ethereum-based non-fungible tokens (NFTs) today. According to the firm, the functionality will be ready within weeks; it is presently accepting waitlist registrations.
“Our goal is to make entering the NFT market as simple as it is to reach the bitcoin market,” a news release states. “With the Blockchain.com NFT marketplace (now in beta), you’ll be able to explore, purchase, sell, and securely store NFTs without ever having to leave your Blockchain.com Wallet.” (While users are free to quit, the wallet is non-custodial, which means that NFTs may be moved to other wallets.)
NFTs are digital proofs of ownership that are established using smart contracts on a blockchain platform like as Ethereum, Flow, or Solana. They are often associated with digital artwork, collectibles, and music recordings, but they may also be associated with physical artefacts.
With its NFT marketplace, blockchain has a vast potential user base. It was founded in 2011 as a block explorer and quickly became one of the first Bitcoin wallets, enabling users to securely store their bitcoin keys. Its wallets total approximately 80 million (though not all have funds in them). As a point of comparison, MetaMask, the most popular wallet for browsing Ethereum-based apps, just topped 21 million monthly active users, according to its developer, ConsenSys (which also provides funding for Decrypt).
If Blockchain can convert even a small percentage of its wallet owners to NFT purchasers, it will perform well. It will have to. Coinbase NFT is expected to debut before the year’s end. FTX NFTs, FTX US’s marketplace, yesterday included Ethereum collectibles like as the immensely popular CryptoPunks and Bored Ape Yacht Club NFTs.
Non-fungible tokens (NFTs) had existed for some years, but it wasn’t until 2021 that they blasted into the public attention. The cryptographically distinct tokens indicate an individual’s title.
However, just because you construct something does not guarantee that consumers will arrive. Gemini, the cryptocurrency exchange established by Cameron and Tyler Winklevoss, acquired Nifty Gateway in 2019, more than a year before digital collectibles made a comeback. Following a strong start in early 2021, Nifty Gateway’s trade volume and mintings have declined as additional firms entered the market to compete with OpenSea, Rarible, and others.
Also Read: Warren Buffett’s Right-Hand Man Applauds China’s Cryptocurrency Ban
Wallets