Coinbase is diving into the world of NFTs with some news out of nowhere that the crypto exchange giant would be opening an NFT marketplace.
The NFT market is gigantic and will only significantly grow in size with NFTs being a one-of-a-kind digital asset that represent ownership of online items including rare art, or collectible trading cards. There have been some bonkers huge NFT sales so far, with NFTs -- or non-fungible tokens -- as in they're not fungible, you can't exchange an NFT for another NFT, unlike crypto.
Coinbase's announcement of a new NFT marketplace is a gigantic deal, as Coinbase NFT -- its official name -- will include things like social features, and will work its way into the "creator economy". A creator economy is where people make money for posting content -- in whichever way, pictures, articles, videos.
Coinbase explains: "Coinbase NFT will make minting, purchasing, showcasing, and discovering NFTs easier than ever. We're making NFTs more accessible by building intuitive interfaces that put the complexity behind the scenes. We're adding social features that open new avenues for conversation & discovery".
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