The cryptocurrency exchange platform Coinbase is launching its own peer-to-peer marketplace for trading and collecting NFTs. The platform is also partnering with United Masters, an American music distributor, with the aim of facilitating cryptocurrency payment methods for musicians.
Coinbase is moving into NFTs -- a strategy that seems like a logical step for the firm. Indeed, cryptocurrency exchange platforms lack a source of revenue other than exchange fees, and all NFTs -- or non-fungible tokens -- are traded in digital currencies. NFTs are digital assets issued by a blockchain, much like cryptocurrencies. What makes an NFT particularly interesting for users is its uniqueness, it cannot be replicated. As a result, non-fungible tokens could have a significant impact on sectors such as art or fashion, for example, where their unique properties could give rise to new forms of creativity and ownership.
The Coinbase NFT marketplace will allow users to collect or trade all kinds of NFTs. The relatively new market for non-fungible tokens has skyrocketed in recent months, with global sales volumes exceeding $10 billion in the third quarter (eight times more than the previous quarter). Still, NFTs are widely associated with the speculative excesses of cryptocurrencies, and some critics fear a dangerous bubble in the medium term.
Already the most popular platform?
A first waiting list has been created to get early access to the new Coinbase NFT marketplace. In less than 24 hours, this waiting list had already topped one million users, according to Brian Armstrong, Coinbase's co-founder and CEO. In comparison, OpenSea, the most popular NFT platform, had 200,000 active users last August.
In a blog post, Coinbase explains that it is seeking to create an intuitive experience to facilitate the trading of NFTs: "If you've tried to create or purchase an NFT, you've probably found the user experience lacking," reads the post. "Today, we're announcing Coinbase NFT, a peer-to-peer marketplace that will make minting, purchasing, showcasing, and discovering NFTs easier than ever." To do so, the firm states that it is "making NFTs more accessible by building user-friendly interfaces that put the complexity behind the scenes."
At the same time, Coinbase announced a partnership with the US-based music distributor, United Masters to allow artists to be paid directly in cryptocurrencies. The music company will offer artists the freedom and flexibility to choose whether they want to receive all or part of their earnings in cryptocurrencies. It could prove a risky choice, all the same. Cryptocurrencies are subject to very high volatility and several US investigations are now underway, notably into stablecoins.https://dailyup.etxstudio.com/articles/rn/fr/news_2249054/high-tech/tether-la-cryptomonnaie-controversee-et-mysterieuse
