The competition within the NFT space is increasing as more companies are coming in and offering services to users
The non-fungible token (NFT) market is getting more competitive as companies are now entering the space and offering their services. More cryptocurrency exchanges are starting to provide NFT trading services as the demand for the digital artworks grows.
Coinbase, one of the leading crypto exchanges in the world, is the latest crypto trading platform to throw its hat into the ring regarding NFTs. The company announced its plans yesterday to launch a marketplace that would allow users to mint, collect and trade NFTs.
Coinbase told interested users to sign up to a waiting list for early access to the feature. NFTs have been growing in terms of demand over the past few months as more people appreciate the unique nature of digital art.
Unlike regular digital assets, NFTs are not fungible, which means they can’t be exchanged for each other. Each NFT is unique, ensuring that the holder of a certain NFT is the only one in possession of it. Due to their unique nature, NFTs have gained adoption in various sectors of the global economy, including sports, music, movies and more.
Thanks to the growing demand for NFTs, their sales volume surged in the last quarter. A recent report revealed that the NFT transaction volume topped $10 billion in the previous quarter, with August recording over $5 billion in sales.
OpenSea remains the number one NFT trading platform in the world. However, it will be facing tough competition from the likes of Rarible and some cryptocurrency exchanges. Binance, the world’s largest crypto exchange, has already launched its NFT marketplace and is looking to attract more users to the platform.
FTX.US, the United States arm of the FTX crypto exchange, recently announced the launch of its NFT platform. The FTX NFT platform will support all Solana-based NFTs. With Coinbase now entering the NFT space too, the competition in the emerging market should increase in the coming months.
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Author: Hassan Maishera