According to Reuters, US crypto exchange Coinbase launched its NFT marketplace on Wednesday, a sign of confidence even as the market shows signs of decline.
Coinbase, first announced in October, will initially be available to a selected number of people in the United States. More users will be added from the waitlist over the next three to five weeks as the platform is tested, a Coinbase spokesperson said.
NFTs are cryptographic assets that use the blockchain to record the ownership of digital files such as images, videos, or text.
Its popularity exploded in 2021, reflecting the growing acceptance of cryptocurrencies such as Bitcoin by mainstream investors and businesses. Some NFTs have raised millions of dollars in cryptocurrencies, but growth has slowed through 2022.
On the popular OpenSea marketplace, NFT sales on the Ethereum blockchain halved from $5 billion in January to around $2.5 billion in March.
NFTs are largely unregulated, and reports of fraud, counterfeiting, and market manipulation are common.
Coinbase said it would allow reporting of fraudulent or copyrighted content. The ability to create NFTs will be added to the Coinbase NFT platform in the future, the spokesperson said.
We’ve reported that Citi will use recycled plastic for corporate cards.