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Crypto FOMO: Coinbase to Finally Launch NFT Marketplace Amid Intense Competition

Oct 13, 2021 - New York Observer

In June, Coinbase cofounder Fred Ehrsam grimly predicted that 90 percent of non-fungible tokens, or NFTs, will be worthless in three to five years. Nevertheless, the crypto trading platform he'd left behind in 2017 couldn't resist the hype and announced this week that it's launching a NFT marketplace of its own.

The peer-to-peer marketplace, called "Coinbase NFT," will allow users to create, discover, trade and show off their NFT collections all in one place, the company announced Tuesday.

The initial launch will support Ethereum-based ERC-721 and ERC-1155 standards, with plans to extend support to other blockchains soon. All NFTs will be "on chain," Coinbase said, to ensure metadata transparency and help artists maintain full control of their work through decentralized con...