The CEO stated that the NFT may be “as big or bigger” as all cryptocurrencies on Coinbase

As the Coinbase cryptocurrency exchange is preparing to launch its own non-fungible token (NFT) platform soon, the CEO Brian Armstrong The importance of the company’s upcoming NFT product has been evaluated.

On Tuesday, Coinbase announced its third quarter financial results, Reported revenue of US$1.2 billion, Most of them Transaction fees from the platform About trading Bitcoin and other cryptocurrencies (Bitcoin) And ether (Ethereum). The company is the largest cryptocurrency exchange in the United States, and its COIN stock is publicly traded on Nasdaq.

Coinbase’s NFT product will significantly promote the operation of the exchange, because the NFT platform may subvert Coinbase’s entire existing cryptocurrency business.Armstrong issued a statement on Tuesday’s conference call, Bloomberg Report.

“We are very excited about NFT, which will be a very large area of ​​encryption in the future, and it is already the case today,” Coinbase CEO said, adding that it “may be as big or larger as Coinbase’s cryptocurrency business” .

Coinbase officially launched Announced plans to launch its own NFT platform In mid-October, it intends to allow its users to create, purchase, discover and display NFTs based on Ethereum. The service will provide a social media-like experience, enabling users to follow different profiles and receive updates.

Since Coinbase is expected to launch its NFT platform later this year, many people have expressed their willingness to try the product. A few days after Coinbase started its NFT waitlist in October, More than 1 million people signed up For the platform.

According to reports, Coinbase has received more than 2.5 million emails seeking to register in the market so far, so the number of applicants continues to grow rapidly. As of the second quarter of 2021, this is only a small part of the total number of Coinbase’s 68 million verified users and 8.8 million monthly active users.

OpenSea, the world’s largest NFT market, deal with According to data from industry indicator provider DappRadar, the value of transactions in the past 30 days exceeded US$1.7 billion, during which more than 230,000 users interacted with its smart contracts.

related: “Over time, we will see the NFT market expand,” said David Schwartz, Ripple’s Chief Technology Officer

In the parabolic growth of the NFT industry, Coinbase is just one of many global cryptocurrency exchanges that plan or have launched an NFT platform. In September, Sam Bankman-Fried’s cryptocurrency exchange FTX becomes the latest encryption platform Announced the launch of the native NFT market. Binance, the world’s largest cryptocurrency exchange, Launch your own NFT platform In June.