Cryptocurrencies
Coinbase Joins the NFT Rush As It Seeks to Diversify Revenue
- Move follows an explosion in trading of digital collectibles
- Platform aims to make creation easier, include social features
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Coinbase Global Inc. is starting a marketplace for nonfungible tokens, or NFTs, looking to expand its revenue base by riding one of the hottest market trends of the past year.
The user experience of creating or purchasing an NFT -- which represents ownership of a digital collectible such as a piece of art or trading card that’s made and stored on a blockchain -- has been “lacking,” Coinbase said, and it’s hoping to make things easier. It’s working to allow people to create NFTs “effortlessly” and control them through decentralized contracts, according to a statement. It’s also incorporating social features, Coinbase said.