Coinbase focuses on creator community with NFT venture

Coinbase has confirmed the accelerating of its expansion as it moves into the NFT space through the launch of a new marketplace. 

As part of the growth, the firm will allow users to sign up to trade and collect digital assets – specifically non fungible tokens, which have cemented their space as a pivotal fan engagement tool in sports over the past year. 

The resurgence of NFTs has been elevated as fans have embraced digital offerings during the pandemic and transformed their fandom into a digital space. 

Furthermore, the newly launched marketplace will likely be all-encompassing with Coinbase emphasising that it would also include social features as it embraces the creator economy. 

Underlining its mission, the firm stated on its website: “Our mission at Coinbase is to increase economic freedom in the world. By enabling more people to join the creator economy and profit from their work, NFTs have an important role to play in this mission. Their impact is already being felt. NFT artists have shaken-up the traditional art world. Industries such as fashion, gaming, and music are recognizing the power of NFTs to unlock new forms of creativity and ownership. But if you’ve tried to create or purchase an NFT, you’ve probably found the user experience lacking. We can help.

“Today, we’re announcing Coinbase NFT, a peer-to-peer marketplace that will make minting, purchasing, showcasing, and discovering NFTs easier than ever. Just as Coinbase helped millions of people access Bitcoin for the first time in an easy and trusted way — we want to do the same for the NFTs.”

Building community is something emphasised at the heart of the formation of the new marketplace by giving creators a heightened level of ownership of their content and digital assets. 

Expert Analysis: Coinbase’s move into the NFT space is a significant move, with the firm already established as a leader in digital currency its venture into NFTs can be key to the wider and continued acceleration of NFTs.