Coinbase CEO Brian Armstrong says that the crypto exchange wants its new non-fungible token (NFT) marketplace to have a similar feel to photo and video-sharing social network Instagram.
During Coinbase’s Q3 earnings call, Armstrong says he thinks NFTs could end up rivaling traditional crypto trading.
“I think this is going to be a very large area for crypto in the future, and it already is today. I mean, traditionally, Coinbase was focused on FTs, fungible tokens, and we’re equally excited about NFTs. I think it could be as big or bigger. We don’t know.”
Armstrong also reveals that Coinbase wants a platform with an Instagram-style interface, that can simplify the experience for users who may not be familiar with NFT trading.
“We’d like to make Coinbase NFT a little bit more like Instagram as opposed to, say, an auction like eBay or something like that.
I think having people that you can follow, your favorite artists or creators, and having a feed of content that gets populated from those people you follow, that could be really powerful. And in addition, you can go in there and buy an NFT if you really like it and you’ll kind of showcase in your own social profile.”
Armstrong adds the new marketplace aims to be interoperable with every other platform. He also gives a rough timeline for when Coinbase NFT could launch.
“I think we can just make, hopefully, NFTs much easier to use. That’s kind of a hallmark of what Coinbase tries to do out there, to bring more and more people into the crypto space…
I think this is going to be a global phenomenon. We want to make sure our NFT platform is interoperable with every other platform out there, and hopefully, you will see something launched in the next couple of quarters here.”
The crypto exchange announced in October that it was launching a marketplace for NFTs. According to VP of product and ecosystem Sanchan Saxena, the new platform strived for user-friendliness from its conception.
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