The leading cryptocurrency exchange Coinbase has announced that it will open a waiting list for a non-perishable token market it plans to launch later this year, according to CoinTelegraph.< /p>
On October 12, Coinbase's vice president of product and ecosystem, Sanshan Saxena, said that the non-destructible token market, or NFT, would allow its users to mint, buy, discover and offer Ethereum-based tokens.
According to Saxena, the show will allow creators to maintain control over their artwork through decentralized contracts and metadata transparency with all non-destructible on-chain tokens.
Coinbase's announcement comes after cryptocurrency exchange FTX and its US subsidiary launched a marketplace with users able to trade non-destructible tokens across a chain through a blockchain Ethereum and Solana.
Binance, the world's largest cryptocurrency exchange, entered the non-perishable token market in June by launching its own market with the aim of reducing transaction costs.
With 68 million verified users and 8.8 million monthly active users as of Q2 2021, Coinbase could enter the non-destructible token industry. To provide competition for existing markets such as OpenSea and Rarebel.
OpenSea product chief Nate Chastain is facing criticism for using burner wallets to buy non-destructible tokens on the platform so that artwork gets more attention on the website's front page. The platform primarily uses Ethereum, which dominates sales in the non-destructible token market.
According to data from Dub Radar, OpenSea has a total transaction volume of $8.7 billion at press time, making it the largest non-destructible token market.
Sales of non-destructible tokens through the Pokémon-inspired game Axis Infinity came in second with $2.5 billion.
