We’ve all heard that Coinbase is launching a new NFT trading platform, and if you’ve been on top of the news, you know that the CEO of the company, Brian Armstrong, has quite a bit of faith in these digital pieces of art. He’s even been quoted saying that NFTs will be bigger than cryptocurrency. 

Considering the astronomical rises of cryptocurrencies like Bitcoin, Ethereum, and Dogecoin, that’s a massive statement to make; and the fact that it’s coming from the CEO of the largest cryptocurrency exchange in existence today adds even more weight to the statement. 

But Coinbase isn’t just capitalizing on the fact that NFTs are popular with the coming launch of its marketplace, it’s likely to help the NFT community as a whole! 

How Coinbase Will Help Expand the NFT Community

The non-fungible token industry is a relatively new one. At present, the average American doesn’t even know what these tokens are, and most that do are either enthusiasts or have very little knowledge of the potential of this technology. 

Nonetheless, the community surrounding these digital works of art is becoming quite massive. Those who keep up with the trends can tell you that several celebrities and big name companies have thrown their hat in the ring, trying to latch onto the next big craze. However, the industry is still relatively small when you think about the number of people that participate. 

That’s all about to change, and Coinbase is the reason. 

You see, Coinbase is the largest cryptocurrency marketplace and seen as a figurehead in the Web3 community. The following the company has amassed is jaw dropping, and when a company of that stature says they’re getting into a new technology, heads turn. 

While there’s really no way to track it, it seems as though the NFT community has already become more active since the announcement that Coinbase was getting involved. 

Now, with the launch of the company’s NFT marketplace just around the corner, a massive audience is about to flood into the industry. In fact, in the last 30 days, ten times more people have signed up for the company’s upcoming NFT marketplace than Opensea, the current world’s largest NFT marketplace, had in total. 

That’s a massive statement and only serves to validate the fact that, not only will Coinbase be a successful NFT marketplace, but the launch of the marketplace will bring a wave of new consumers into the metaverse. 

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This Is Great News for the Community as a Whole

The fact that Coinbase is diving into the NFT industry, and bringing its massive following with it, is a great thing. While there will be naysayers that want the tightly knit community to stay relatively small for exclusivity and to reduce the cost of gas fees, most enthusiasts accept newcomers with open arms, and they should. 

In fact, doing so will help them grow their net worth. Here’s why:

NFTs, like any other asset, are priced based on the law of supply and demand. When more people want to get their hands on a specific collection, the price of pieces within that collection increases as each collection has a limited number of unique pieces to provide. 

So, as the NFT community grows, the values of NFTs held by community members will also grow. After all, with more people looking to get their hands on these limited-edition collectibles, demand will increase, leading to an increase in price. 

When Will Coinbase Start Offering NFTs?

There hasn’t been much information provided as to when Coinbase will launch its NFT marketplace. On its website, the company says that the marketplace will launch in late 2021. So, by that timeline, it could launch any time from right now to the end of the year. 

If you’re interested in being one of the first to trade on the new marketplace, the best thing to do is to click the link above and sign up for the service. When the marketplace launches, I’m sure Coinbase will be sending emails to consumers that signed up to let them know.  

The Bottom Line

The bottom line here is simple. Coinbase is jumping into the NFT market and when it finally launches its marketplace, it’s likely to make a big splash. Several people who’ve thought about buying their first NFT have decided to wait until the Coinbase marketplace launch happens. Moreover, with 10 times more people than the total number of members Opensea has signed up for Coinbase NFT in the last 30 days our small community of enthusiasts is about to grow significantly, and that growth is great news for all! 

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