Coinbase is the latest crypto exchange getting into the NFT space with the launch of its own marketplace where users will be able to buy and sell digital art in a decentralised manner. This development comes shortly after the US-based exchange’s key competitors Binance and FTX launched similar offerings.

Coinbase’s foray into NFTs will focus on giving users a enhanced experience aimed at attracting new investors into the market. Initially, it will support Ethereum-based ERC-721 standards but will go on to offer multi-chain support soon as well.

The hype behind NFTs is driven by market leader OpenSea raking in monthly transaction volumes as high as $3 billion. Coinbase’s goal is to revolutionize the digital collectibles market and bring it into the mainstream quite like it has done in the past with regards to Bitcoin trading.

VP of Product, Ecosystem, Sanchan Saxena, remarks, “Creating an NFT should be as simple as tapping a few buttons. Anything more complicated is a barrier to creativity. Coinbase NFT will be a peer-to-peer marketplace that empowers the imagination. With an intuitive design built on top of a decentralized marketplace, Coinbase NFT puts the art and artist’s experience at the forefront.”