The largest US cryptocurrency exchange, Coinbase Inc. (COIN), is getting into NFTs.
Last week, the company announced it will establish a marketplace that will allow users to generate, collect, and trade nonfungible tokens (NFTs).
And today, you can join a waitlist to get early access to the feature.
NFTs are one-of-a-kind digital assets used to indicate ownership of online items such as collectible trading cards or rare paintings.
They're not fungible, which means you can't trade a fraction of one NFT for another like you can with Bitcoin or other cryptos.
But certain ones are becoming increasingly valuable. And 2021 has seen a surge in the sale of such tokens.
According to DappRadar, a startup that collects data on crypto-based applications, the NFT industry surpassed $10 billion in transaction volume in the third quarter of 2021.
The nearly $70 million spent for a digital collage of 5,000 days of daily work by Mike Winkelmann, the artist known as Beeple, and the roughly $3 million paid for the first-ever tweet by Jack Dorsey are examples of notable transactions.
Some of the other most popular “blue chip” NFTs today include CryptoPunks, Ether Rocks, the Bored Ape Yacht Club (BAYC), and more… Where each sale is easily in the hundreds of thousands or millions of dollars worth of Ethereum.
Coinbase NFT, the company's NFT marketplace, will contain “social features” and tap into the “creative economy,” which refers to those who generate money by uploading films and other content to the Internet.
Join the waitlist if you're interested today in NFTs today – but don't bet the house on any of them unless you've really done your research.
In the meantime, check this out…
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