Coinbase released its Q3 financial results, reporting $1.2 billion in revenues, mostly from the platform’s transaction fees on trading cryptocurrencies like Bitcoin and Ether. The firm is the largest crypto exchange in the United States, with its COIN shares publicly traded on Nasdaq. Coinbase’s NFT offering would significantly boost the exchange’s operations as the NFT platform could potentially flip Coinbase’s entire existing cryptocurrency business.
NFT is going to be a very large area for crypto in the future.
We are very excited about NFTs, this is going to be a very large area for crypto in the future, and it already is today,” Coinbase CEO said, adding that it “could be as big or bigger” than Coinbase’s cryptocurrency business, Armstrong made the statement speaking at a Tuesday conference call, Bloomberg reported. Coinbase officially announced plans to launch its own NFT platform in mid-October, intending to allow its users to create, purchase, discover and showcase Ethereum-based NFTs.
Coinbase started its NFT waitlist in October.
The new service will provide a social media-like experience, enabling users to follow different profiles and receive updates. As Coinbase expects to launch its NFT platform later this year, a wide number of people have already expressed willingness to try the offering. A few days after Coinbase started its NFT waitlist in October, more than 1 million people signed up for the platform. The number of applicants has continued to grow a lot as the crypto exchange giant has reportedly received over 2.5 million emails seeking to sign up for the marketplace so far.