Coinbase, one of the largest cryptocurrency exchanges in the world, announced that they are in talks with hundreds of NFT creators for the NFT trading platform, which will be released "soon".

Popular cryptocurrency exchange Coinbase reports that it has teamed up with over 100 creators to work on the launch of its new NFT trading platform (Coinbase NFT). However, no official launch date has been announced so far. All that is known at the moment is that the Coinbase NFT platform will compete in the market with various tools and innovations that will be released in the near future.

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According to the information provided by Coinbase, the main differentiator of the Coinbase NFT platform will be the new “social function” as they try to improve the interaction between artists and users. The platform will allow the creation of a community of creators set to grow exponentially.

Coinbase CEO Brian Armstrong said recently that the NFT platform could eventually surpass cryptocurrencies and therefore they are in the process of creating a platform that offers a more immersive experience, like social networks like Instagram or Facebook.

   “We are very excited about NFTs, this will be a very broad field for crypto in the future and it is even today.”

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Just 5 months after its announcement, Coinbase NFT has received more than 2.5 million registrations from waitlisted users. According to DappRadar statistics, Coinbase NFT's biggest competitor, OpenSea, has seen a 15% drop in both internal transactions and active users over the past 30 days. In fact, the trading volume decreased by 42.65%. Therefore, it may not be a bad time for Coinbase to launch its new platform.

Coinbase has positioned itself as a leader in the cryptocurrency market for years by complying with all regulations imposed by the US government, which can translate into a direct advantage over the competition. So, while Coinbase has yet to announce a specific date for the launch of the new NFT platform, it could attract many artists and users who are currently “loyal” to the competition when it launches.